Frontline (NYSE:FRO) Sets New 52-Week High – What’s Next?

Frontline PLC (NYSE:FRO)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $40.17 and last traded at $39.0840, with a volume of 474330 shares. The stock had previously closed at $39.43.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Pareto Securities lowered Frontline from a “buy” rating to a “hold” rating and set a $39.46 price objective for the company. in a research note on Monday, May 25th. Danske lowered Frontline to a “hold” rating in a research note on Tuesday, May 26th. Weiss Ratings upgraded Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Dnb Carnegie lowered shares of Frontline from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. Finally, Piper Sandler lowered shares of Frontline to a “neutral” rating in a report on Friday, February 27th. Four research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Frontline presently has an average rating of “Hold” and an average price target of $39.12.

Frontline Trading Down 1.5%

The company has a market cap of $8.64 billion, a price-to-earnings ratio of 9.56 and a beta of 0.02. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.83. The company’s fifty day moving average price is $36.47 and its two-hundred day moving average price is $31.34.

Frontline (NYSE:FRO) last announced its earnings results on Friday, May 22nd. The shipping company reported $1.55 earnings per share for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.03). Frontline had a net margin of 36.70% and a return on equity of 27.80%. The business had revenue of $714.24 million during the quarter, compared to analyst estimates of $579.59 million. During the same quarter last year, the business posted $0.18 earnings per share. The business’s quarterly revenue was up 66.9% compared to the same quarter last year.

Frontline Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th will be paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 16.0%. This is a boost from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date is Friday, June 12th. Frontline’s dividend payout ratio is 152.71%.

Institutional Trading of Frontline

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Rathbones Group PLC acquired a new stake in shares of Frontline in the first quarter valued at approximately $412,000. Parallel Advisors LLC increased its holdings in shares of Frontline by 58.9% in the first quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock valued at $46,000 after purchasing an additional 486 shares in the last quarter. NewEdge Advisors LLC acquired a new stake in shares of Frontline in the first quarter valued at approximately $912,000. Optiver Holding B.V. acquired a new stake in shares of Frontline in the first quarter valued at approximately $175,000. Finally, Cozad Asset Management Inc. increased its holdings in shares of Frontline by 3.5% in the first quarter. Cozad Asset Management Inc. now owns 13,152 shares of the shipping company’s stock valued at $458,000 after purchasing an additional 445 shares in the last quarter. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Company Profile

Frontline Ltd. (NYSE:FRO) is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company’s core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline’s fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.