Frontline (NYSE:FRO) Issues Earnings Results

Frontline (NYSE:FRO) posted its earnings results on Friday. The shipping company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.04), Zacks reports. Frontline had a return on equity of 10.27% and a net margin of 12.94%.The business had revenue of $257.04 million during the quarter, compared to the consensus estimate of $265.23 million. During the same period in the prior year, the firm earned $0.34 earnings per share.

Frontline Trading Up 3.6%

Shares of NYSE:FRO opened at $25.88 on Friday. The company has a market cap of $5.76 billion, a P/E ratio of 24.19 and a beta of 0.14. The stock’s 50-day moving average is $23.72 and its 200-day moving average is $20.58. Frontline has a 52-week low of $12.40 and a 52-week high of $26.00. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.88 and a current ratio of 1.88.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 12th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Friday, December 12th. Frontline’s dividend payout ratio is 134.58%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Frontline in a research note on Monday, November 17th. Evercore ISI raised their target price on Frontline from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. BTIG Research boosted their price target on Frontline from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, September 17th. Wall Street Zen upgraded Frontline from a “sell” rating to a “hold” rating in a research note on Friday, September 26th. 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 research note on Friday. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.62.

Institutional Trading of Frontline

Several hedge funds have recently added to or reduced their stakes in the business. Balyasny Asset Management L.P. grew its holdings in Frontline by 44.0% in the 3rd 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. The Manufacturers Life Insurance Company boosted its position in shares of Frontline by 27.3% in the second quarter. The Manufacturers Life Insurance Company now owns 942,698 shares of the shipping company’s stock valued at $15,477,000 after acquiring an additional 202,142 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Frontline by 7.8% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 797,526 shares of the shipping company’s stock valued at $18,168,000 after acquiring an additional 57,740 shares during the period. Bank of America Corp DE grew its stake in shares of Frontline by 4.0% in the second quarter. Bank of America Corp DE now owns 630,661 shares of the shipping company’s stock worth $10,349,000 after acquiring an additional 24,195 shares during the last quarter. Finally, Merewether Investment Management LP increased its position in Frontline by 96.0% during the third quarter. Merewether Investment Management LP now owns 626,500 shares of the shipping company’s stock worth $14,278,000 after acquiring an additional 306,800 shares during the period. Institutional investors own 22.70% of the company’s stock.

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.