Frontline (NYSE:FRO) Sets New 52-Week High – Here’s What Happened
by Doug Wharley · The Cerbat GemFrontline PLC (NYSE:FRO – Get Free Report)’s stock price reached a new 52-week high on Monday . The stock traded as high as $27.56 and last traded at $27.0180, with a volume of 663009 shares changing hands. The stock had previously closed at $26.06.
Analyst Upgrades and Downgrades
FRO has been the subject of several analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Frontline in a research report on Monday, December 29th. Jefferies Financial Group boosted their price objective on shares of Frontline from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, November 21st. Clarkson Capital upgraded shares of Frontline from a “neutral” rating to a “buy” rating in a report on Monday, January 12th. Finally, Evercore ISI increased their price target on Frontline from $22.00 to $26.00 and gave the stock an “outperform” rating in a report on Tuesday, October 28th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.62.
Read Our Latest Stock Report on FRO
Frontline Stock Performance
The stock’s 50-day moving average price is $23.61 and its 200 day moving average price is $22.32. The firm has a market cap of $6.00 billion, a P/E ratio of 27.52 and a beta of 0.08. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.37 and a quick ratio of 1.37.
Frontline (NYSE:FRO – Get Free Report) last released its earnings results on Friday, November 21st. The shipping company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.04). The company had revenue of $257.04 million during the quarter, compared to analyst estimates of $265.23 million. Frontline had a net margin of 12.23% and a return on equity of 8.89%. During the same period in the prior year, the firm posted $0.34 EPS. As a group, equities analysts predict that Frontline PLC will post 1.78 EPS for the current year.
Frontline Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 12th were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Friday, December 12th. Frontline’s payout ratio is presently 77.55%.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada lifted its stake in Frontline by 32.3% in the 1st quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company’s stock valued at $392,000 after purchasing an additional 6,424 shares during the last quarter. Millennium Management LLC bought a new position in shares of Frontline during the 1st quarter worth approximately $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Frontline by 12.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 185,226 shares of the shipping company’s stock worth $2,751,000 after acquiring an additional 20,370 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Frontline by 691.5% during the 2nd quarter. Farther Finance Advisors LLC now owns 12,632 shares of the shipping company’s stock worth $207,000 after acquiring an additional 11,036 shares during the last quarter. Finally, 111 Capital bought a new stake in Frontline in the 2nd quarter valued at $603,000. Institutional investors own 22.70% of the company’s stock.
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.