Frontline (NYSE:FRO) Price Target Lowered to $20.00 at Evercore ISI

by · The Markets Daily

Frontline (NYSE:FRO – Free Report) had its target price reduced by Evercore ISI from $22.00 to $20.00 in a report issued on Tuesday,Benzinga reports. They currently have an outperform rating on the shipping company’s stock.

Separately, Kepler Capital Markets set a $12.49 price target on shares of Frontline in a research note on Thursday, March 27th. Two research analysts have rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $20.62.

Read Our Latest Analysis on Frontline

Frontline Trading Up 1.0 %

Shares of NYSE FRO opened at $15.00 on Tuesday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. Frontline has a 12 month low of $12.40 and a 12 month high of $29.39. The company has a market cap of $3.34 billion, a price-to-earnings ratio of 6.12 and a beta of 0.20. The business has a fifty day simple moving average of $15.54 and a 200-day simple moving average of $17.02.

Frontline (NYSE:FRO – Get Free Report) last released its earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.20. The company had revenue of $425.60 million during the quarter, compared to analyst estimates of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 earnings per share. Sell-side analysts predict that Frontline will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.33%. Frontline’s dividend payout ratio is currently 36.04%.

Hedge Funds Weigh In On Frontline

Several hedge funds have recently bought and sold shares of the business. Range Financial Group LLC bought a new stake in shares of Frontline during the 4th quarter worth about $579,000. Harbour Capital Advisors LLC bought a new stake in Frontline during the fourth quarter worth approximately $439,000. Clear Harbor Asset Management LLC acquired a new position in Frontline during the fourth quarter valued at approximately $214,000. SG Americas Securities LLC grew its holdings in Frontline by 148.3% during the fourth quarter. SG Americas Securities LLC now owns 33,121 shares of the shipping company’s stock valued at $470,000 after purchasing an additional 19,783 shares during the last quarter. Finally, Blue Trust Inc. raised its position in shares of Frontline by 84.4% in the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock valued at $127,000 after purchasing an additional 4,084 shares during the period. 22.70% of the stock is owned by institutional investors and hedge funds.

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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