Frontline (NYSE:FRO) Hits New 1-Year High – What’s Next?

Frontline PLC (NYSE:FRO) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $28.81 and last traded at $27.9230, with a volume of 3884579 shares trading hands. The stock had previously closed at $28.31.

Analyst Ratings Changes

A number of analysts have issued reports on FRO shares. Clarkson Capital raised shares of Frontline from a “neutral” rating to a “buy” rating in a report on Monday, January 12th. Evercore ISI raised their price target on shares of Frontline from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Frontline in a research note on Monday, December 29th. Finally, Jefferies Financial Group raised their price objective on Frontline from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, November 21st. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.62.

Frontline Trading Down 1.1%

The company has a debt-to-equity ratio of 1.27, a current ratio of 1.37 and a quick ratio of 1.37. The firm has a market capitalization of $6.29 billion, a PE ratio of 28.81 and a beta of 0.08. The firm’s fifty day moving average is $23.84 and its two-hundred day moving average is $22.65.

Frontline (NYSE:FRO) last posted its earnings results on Friday, November 21st. The shipping company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.04). The company had revenue of $257.04 million for the quarter, compared to analysts’ expectations 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 previous year, the firm earned $0.34 EPS. On average, equities analysts predict that Frontline PLC will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 12th were given a dividend of $0.19 per share. The ex-dividend date was Friday, December 12th. This represents a $0.76 annualized dividend and a dividend yield of 2.7%. Frontline’s payout ratio is currently 77.55%.

Institutional Trading of Frontline

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Marshall Wace LLP lifted its position in Frontline by 155.1% in the 2nd quarter. Marshall Wace LLP now owns 1,692,537 shares of the shipping company’s stock valued at $27,775,000 after acquiring an additional 1,029,034 shares in the last quarter. Balyasny Asset Management L.P. boosted its position in shares of Frontline by 44.0% during the third quarter. Balyasny Asset Management L.P. now owns 2,247,120 shares of the shipping company’s stock valued at $51,212,000 after buying an additional 686,212 shares during the last quarter. SG Americas Securities LLC increased its holdings in Frontline by 274.3% in the 2nd quarter. SG Americas Securities LLC now owns 877,529 shares of the shipping company’s stock worth $14,400,000 after buying an additional 643,100 shares in the last quarter. Millennium Management LLC bought a new position in Frontline during the first quarter valued at approximately $7,587,000. Finally, Citigroup Inc. grew its position in Frontline by 185.8% in the 3rd quarter. Citigroup Inc. now owns 606,443 shares of the shipping company’s stock worth $13,821,000 after purchasing an additional 394,226 shares during the period. 22.70% of the stock is currently owned by institutional investors.

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.