Fintel reports that on August 25, 2023, Deutsche Bank downgraded their outlook for Frontline (NYSE:FRO) from Buy to Hold.
Analyst Price Forecast Suggests 26.15% Upside
As of August 2, 2023, the average one-year price target for Frontline is 22.70. The forecasts range from a low of 16.16 to a high of $35.70. The average price target represents an increase of 26.15% from its latest reported closing price of 17.99.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Frontline is 1,105MM, a decrease of 43.22%. The projected annual non-GAAP EPS is 3.05.
Frontline Declares $0.70 Dividend
On May 31, 2023 the company declared a regular quarterly dividend of $0.70 per share ($2.80 annualized). Shareholders of record as of June 16, 2023 received the payment on June 30, 2023. Previously, the company paid $0.30 per share.
At the current share price of $17.99 / share, the stock’s dividend yield is 15.56%.
Looking back five years and taking a sample every week, the average dividend yield has been 16.21%, the lowest has been 3.10%, and the highest has been 50.00%. The standard deviation of yields is 14.52 (n=93).
The current dividend yield is 0.04 standard deviations below the historical average.
Additionally, the company’s dividend payout ratio is 0.33. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company’s 3-Year dividend growth rate is -0.56%.
What is the Fund Sentiment?
There are 318 funds or institutions reporting positions in Frontline. This is a decrease of 3 owner(s) or 0.93% in the last quarter. Average portfolio weight of all funds dedicated to FRO is 0.17%, a decrease of 24.99%. Total shares owned by institutions decreased in the last three months by 24.80% to 64,415K shares. The put/call ratio of FRO is 0.29, indicating a bullish outlook.
What are Other Shareholders Doing?
Folketrygdfondet holds 9,410K shares representing 4.23% ownership of the company. In it’s prior filing, the firm reported owning 8,446K shares, representing an increase of 10.24%. The firm decreased its portfolio allocation in FRO by 5.69% over the last quarter.
Two Sigma Advisers holds 3,929K shares representing 1.76% ownership of the company. In it’s prior filing, the firm reported owning 4,684K shares, representing a decrease of 19.23%. The firm decreased its portfolio allocation in FRO by 27.32% over the last quarter.
Barclays holds 3,832K shares representing 1.72% ownership of the company. In it’s prior filing, the firm reported owning 6,047K shares, representing a decrease of 57.81%. The firm decreased its portfolio allocation in FRO by 23.58% over the last quarter.
Two Sigma Investments holds 3,450K shares representing 1.55% ownership of the company. In it’s prior filing, the firm reported owning 4,497K shares, representing a decrease of 30.34%. The firm decreased its portfolio allocation in FRO by 40.93% over the last quarter.
Renaissance Technologies holds 2,825K shares representing 1.27% ownership of the company. In it’s prior filing, the firm reported owning 2,780K shares, representing an increase of 1.59%. The firm decreased its portfolio allocation in FRO by 3.11% over the last quarter.
Frontline Background Information
(This description is provided by the company.)
Frontline Ltd. is the fourth largest oil tanker shipping company, based in Hamilton, Bermuda and controlled by John Fredriksen. Its primary business is transporting crude oil.
This article originally appeared on Fintel
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