Frontline plc (FRO) to Issue Quarterly Dividend of $0.34 on December 31st

Frontline plc (NYSE:FRO) announced a quarterly dividend on Wednesday, November 27th,Wall Street Journal reports. Stockholders of record on Wednesday, December 11th will be paid a dividend of 0.34 per share by the shipping company on Tuesday, December 31st. This represents a $1.36 dividend on an annualized basis and a dividend yield of 8.41%. The ex-dividend date is Wednesday, December 11th.

Frontline has increased its dividend payment by an average of 17.1% annually over the last three years. Frontline has a payout ratio of 81.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Research analysts expect Frontline to earn $3.20 per share next year, which means the company should continue to be able to cover its $2.48 annual dividend with an expected future payout ratio of 77.5%.

Frontline Stock Down 3.6 %

Frontline stock traded down $0.60 during mid-day trading on Friday, hitting $16.18. The company’s stock had a trading volume of 2,801,106 shares, compared to its average volume of 1,874,372. The stock’s fifty day moving average is $21.03 and its two-hundred day moving average is $23.53. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40. Frontline has a 1 year low of $16.10 and a 1 year high of $29.39.

Frontline (NYSE:FRO) last announced 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 25.64% and a return on equity of 19.23%. The firm had revenue of $409.72 million during the quarter, compared to analysts’ expectations of $383.88 million. During the same period in the previous year, the firm earned $0.94 EPS. Sell-side analysts expect that Frontline will post 1.83 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FRO has been the subject of several research reports. StockNews.com upgraded shares of Frontline to a “sell” rating in a research note on Thursday, September 5th. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Monday, October 7th. Fearnley Fonds raised Frontline to a “strong-buy” rating in a research report on Friday, September 27th. Finally, Jefferies Financial Group restated a “buy” rating and set a $26.00 target price on shares of Frontline in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Frontline currently has an average rating of “Moderate Buy” and an average target price of $27.26.

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.