Frontline (NYSE:FRO) Lifted to “Buy” at BTIG Research

by · The Markets Daily

BTIG Research upgraded shares of Frontline (NYSE:FRO – Free Report) from a neutral rating to a buy rating in a report released on Monday, Marketbeat Ratings reports. The brokerage currently has $30.00 price target on the shipping company’s stock.

Other research analysts have also issued reports about the company. StockNews.com raised Frontline to a sell rating in a report on Thursday, September 5th. Jefferies Financial Group reiterated a buy rating and issued a $30.00 price objective on shares of Frontline in a report on Friday, August 30th. Fearnley Fonds upgraded shares of Frontline to a strong-buy rating in a research note on Friday, September 27th. Finally, Evercore ISI decreased their price target on shares of Frontline from $33.00 to $32.00 and set an outperform rating on the stock in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Frontline has an average rating of Moderate Buy and an average target price of $28.06.

Check Out Our Latest Report on FRO

Frontline Stock Performance

NYSE FRO opened at $24.19 on Monday. The firm has a market capitalization of $5.39 billion, a P/E ratio of 8.46 and a beta of 0.04. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40. The firm’s fifty day moving average price is $23.42 and its two-hundred day moving average price is $24.48. Frontline has a 1 year low of $18.34 and a 1 year high of $29.39.

Frontline (NYSE:FRO – Get Free Report) last issued its earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). Frontline had a net margin of 29.42% and a return on equity of 19.73%. The firm had revenue of $409.72 million during the quarter, compared to the consensus estimate of $383.88 million. During the same period in the previous year, the company posted $0.94 earnings per share. As a group, research analysts anticipate that Frontline will post 2.62 EPS for the current year.

Frontline Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 10.25%. The ex-dividend date of this dividend was Friday, September 13th. Frontline’s dividend payout ratio (DPR) is 86.71%.

Institutional Investors Weigh In On Frontline

A number of large investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Frontline during the first quarter worth about $1,452,000. Forest Avenue Capital Management LP boosted its position in shares of Frontline by 115.9% during the 4th quarter. Forest Avenue Capital Management LP now owns 1,057,691 shares of the shipping company’s stock worth $21,207,000 after acquiring an additional 567,900 shares in the last quarter. Edge Capital Group LLC increased its stake in Frontline by 31.8% in the second quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company’s stock valued at $10,641,000 after acquiring an additional 99,765 shares during the last quarter. M&G Plc acquired a new position in Frontline during the first quarter valued at approximately $25,074,000. Finally, Quantbot Technologies LP lifted its stake in Frontline by 184.8% during the first quarter. Quantbot Technologies LP now owns 95,861 shares of the shipping company’s stock worth $2,241,000 after purchasing an additional 62,206 shares during the last quarter. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Company Profile

(Get Free Report)

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.

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