Analysts Set Frontline PLC (NYSE:FRO) Price Target at $39.12

Shares of Frontline PLC (NYSE:FRO) have received a consensus rating of “Hold” from the nine research firms that are covering the stock, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $41.6150.

A number of equities analysts recently commented on the stock. Dnb Carnegie cut shares of Frontline from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 2nd. Wall Street Zen upgraded shares of Frontline from a “buy” rating to a “strong-buy” rating in a research report on Saturday. BTIG Research boosted their price objective on shares of Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Danske cut shares of Frontline to a “hold” rating in a research report on Tuesday, May 26th. Finally, Weiss Ratings upgraded shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, May 22nd.

Hedge Funds Weigh In On Frontline

A number of hedge funds have recently modified their holdings of FRO. Royal Bank of Canada increased its position in shares of Frontline by 32.3% in the first quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company’s stock valued at $392,000 after acquiring an additional 6,424 shares during the period. Millennium Management LLC purchased a new position in shares of Frontline in the first quarter valued at about $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Frontline by 12.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 185,226 shares of the shipping company’s stock valued at $2,751,000 after acquiring an additional 20,370 shares during the period. American Century Companies Inc. increased its position in shares of Frontline by 93.6% in the second quarter. American Century Companies Inc. now owns 72,539 shares of the shipping company’s stock valued at $1,190,000 after acquiring an additional 35,078 shares during the period. Finally, Invesco Ltd. increased its position in shares of Frontline by 215.8% in the second quarter. Invesco Ltd. now owns 91,039 shares of the shipping company’s stock valued at $1,494,000 after acquiring an additional 62,210 shares during the period. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Price Performance

Shares of NYSE:FRO opened at $35.48 on Monday. The stock has a market cap of $7.90 billion, a PE ratio of 8.74 and a beta of 0.02. The company’s fifty day moving average is $37.19 and its 200 day moving average is $32.16. Frontline has a 52 week low of $16.25 and a 52 week high of $43.10. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.83.

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

Frontline Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th were given a $1.55 dividend. The ex-dividend date was Friday, June 12th. This is a positive change from Frontline’s previous quarterly dividend of $1.03. This represents a $6.20 dividend on an annualized basis and a dividend yield of 17.5%. Frontline’s dividend payout ratio is presently 152.71%.

About Frontline

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.