Frontline (NYSE:FRO) Downgraded by StockNews.com

StockNews.com lowered shares of Frontline (NYSE:FRO) from a hold rating to a sell rating in a research report released on Wednesday.

Several other research analysts have also commented on the stock. Jefferies Financial Group upgraded shares of Frontline from a hold rating to a buy rating and boosted their price objective for the stock from $22.00 to $30.00 in a research note on Thursday, March 21st. JPMorgan Chase & Co. reduced their price target on Frontline from $23.00 to $22.30 and set a neutral rating on the stock in a research report on Friday, March 1st. Finally, Deutsche Bank Aktiengesellschaft upgraded Frontline from a hold rating to a buy rating and increased their price objective for the company from $17.00 to $26.00 in a report on Tuesday, January 9th.

Frontline Stock Up 0.7 %

Shares of NYSE FRO opened at $24.75 on Wednesday. Frontline has a 12-month low of $13.35 and a 12-month high of $25.14. The stock’s fifty day simple moving average is $23.41 and its two-hundred day simple moving average is $22.18. The stock has a market capitalization of $5.51 billion, a PE ratio of 8.39 and a beta of 0.03. The company has a current ratio of 1.78, a quick ratio of 1.79 and a debt-to-equity ratio of 1.40.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Thursday, February 29th. The shipping company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.05). The company had revenue of $415.00 million for the quarter, compared to the consensus estimate of $280.36 million. Frontline had a net margin of 35.95% and a return on equity of 26.00%. Frontline’s revenue for the quarter was down 21.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.97 EPS. As a group, analysts expect that Frontline will post 3.09 EPS for the current fiscal year.

Frontline Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Friday, March 15th were paid a $0.37 dividend. The ex-dividend date was Thursday, March 14th. This is a boost from Frontline’s previous quarterly dividend of $0.30. This represents a $1.48 dividend on an annualized basis and a yield of 5.98%. Frontline’s dividend payout ratio (DPR) is 50.17%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FRO. ICA Group Wealth Management LLC acquired a new position in shares of Frontline in the fourth quarter valued at about $25,000. Naples Money Management LLC purchased a new position in Frontline during the 4th quarter worth approximately $27,000. Hexagon Capital Partners LLC lifted its stake in Frontline by 27.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,882 shares of the shipping company’s stock valued at $54,000 after acquiring an additional 628 shares during the period. Russell Investments Group Ltd. lifted its stake in Frontline by 169.2% during the 4th quarter. Russell Investments Group Ltd. now owns 3,928 shares of the shipping company’s stock valued at $79,000 after acquiring an additional 2,469 shares during the period. Finally, Emfo LLC purchased a new stake in shares of Frontline in the 4th quarter valued at $80,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

About Frontline

Frontline plc, a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.