Frontline (FRO) Declares $0.70 Dividend

Frontline said on May 31, 2023 that its board of directors declared a regular quarterly dividend of $0.70 per share ($2.80 annualized). Previously, the company paid $0.30 per share.

Shares must be purchased before the ex-div date of June 15, 2023 to qualify for the dividend. Shareholders of record as of June 16, 2023 will receive the payment on June 30, 2023.

At the current share price of $14.13 / share, the stock's dividend yield is 19.82%.

Looking back five years and taking a sample every week, the average dividend yield has been 17.33%, the lowest has been 3.10%, and the highest has been 50.00%. The standard deviation of yields is 15.12 (n=82).

The current dividend yield is 0.16 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.57. 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%.

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What is the Fund Sentiment?

There are 325 funds or institutions reporting positions in Frontline. This is an increase of 13 owner(s) or 4.17% in the last quarter. Average portfolio weight of all funds dedicated to FRO is 0.25%, an increase of 62.52%. Total shares owned by institutions decreased in the last three months by 7.20% to 85,780K shares. The put/call ratio of FRO is 0.34, indicating a bullish outlook.

Analyst Price Forecast Suggests 66.03% Upside

As of May 11, 2023, the average one-year price target for Frontline is 23.46. The forecasts range from a low of 16.16 to a high of $35.70. The average price target represents an increase of 66.03% from its latest reported closing price of 14.13.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Frontline is 1,105MM, a decrease of 22.74%. The projected annual non-GAAP EPS is 3.05.

What are Other Shareholders Doing?

Folketrygdfondet holds 8,446K shares representing 3.79% ownership of the company. In it's prior filing, the firm reported owning 9,034K shares, representing a decrease of 6.97%. The firm increased its portfolio allocation in FRO by 142,623.95% over the last quarter.

Barclays holds 6,047K shares representing 2.72% ownership of the company. In it's prior filing, the firm reported owning 2,143K shares, representing an increase of 64.56%. The firm increased its portfolio allocation in FRO by 394,433.85% over the last quarter.

Two Sigma Advisers holds 4,684K shares representing 2.10% ownership of the company. In it's prior filing, the firm reported owning 4,477K shares, representing an increase of 4.43%. The firm increased its portfolio allocation in FRO by 31.83% over the last quarter.

Two Sigma Investments holds 4,497K shares representing 2.02% ownership of the company. In it's prior filing, the firm reported owning 5,134K shares, representing a decrease of 14.16%. The firm increased its portfolio allocation in FRO by 8.78% over the last quarter.

Bank of New York Mellon holds 4,000K shares representing 1.80% ownership of the company. In it's prior filing, the firm reported owning 2,916K shares, representing an increase of 27.10%. The firm decreased its portfolio allocation in FRO by 79.37% 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 story originally appeared on Fintel.