Frontline (NYSE:FRO) Price Target Lowered to $20.00 at Jefferies Financial Group

Frontline (NYSE:FRO) had its price target trimmed by Jefferies Financial Group from $26.00 to $20.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a buy rating on the shipping company’s stock.

Other research analysts have also issued reports about the stock. StockNews.com raised shares of Frontline to a “sell” rating in a research report on Thursday, September 5th. Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a research report on Friday, September 27th. BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a report on Monday, October 7th. Finally, Kepler Capital Markets lowered Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target on the stock. in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $24.36.

Frontline Price Performance

FRO stock opened at $13.82 on Tuesday. The company has a market capitalization of $3.08 billion and a P/E ratio of 5.64. Frontline has a 52-week low of $13.41 and a 52-week high of $29.39. The business has a 50-day simple moving average of $18.86 and a two-hundred day simple moving average of $22.29. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43.

Frontline (NYSE:FRO) last announced its earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a net margin of 25.64% and a return on equity of 19.25%. During the same period in the previous year, the firm posted $0.36 EPS. Research analysts expect that Frontline will post 1.83 EPS for the current fiscal year.

Frontline Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.36 annualized dividend and a yield of 9.84%. Frontline’s payout ratio is 55.51%.

Institutional Trading of Frontline

A number of large investors have recently bought and sold shares of FRO. Godsey & Gibb Inc. purchased a new position in shares of Frontline during the 3rd quarter valued at $25,000. Ashton Thomas Private Wealth LLC purchased a new stake in Frontline during the second quarter valued at about $31,000. Summit Securities Group LLC boosted its position in Frontline by 75.0% during the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after purchasing an additional 600 shares during the period. Blue Trust Inc. increased its stake in shares of Frontline by 17,866.7% in the second quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock worth $56,000 after purchasing an additional 2,144 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Frontline by 4,965.6% in the second quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock worth $116,000 after purchasing an additional 4,618 shares in the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

Frontline Company Profile

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.