Frontline (FRO) Declares $0.77 Dividend
Frontline said on February 28, 2023 that its board of directors declared a regular quarterly dividend of $0.77 per share ($3.08 annualized). Previously, the company paid $0.15 per share.
Shares must be purchased before the ex-div date of March 15, 2023 to qualify for the dividend. Shareholders of record as of March 16, 2023 will receive the payment on March 31, 2023.
At the current share price of $18.30 / share, the stock's dividend yield is 16.83%. Looking back five years and taking a sample every week, the average dividend yield has been 18.98%, the lowest has been 3.10%, and the highest has been 50.00%. The standard deviation of yields is 15.80 (n=70).
The current dividend yield is 0.14 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 1.45. 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 0.92%, demonstrating that it has increased its dividend over time.
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Analyst Price Forecast Suggests 7.99% Upside
As of March 3, 2023, the average one-year price target for Frontline is $19.76. The forecasts range from a low of $16.16 to a high of $24.15. The average price target represents an increase of 7.99% from its latest reported closing price of $18.30.
The projected annual revenue for Frontline is $1,105MM, a decrease of 22.74%. The projected annual non-GAAP EPS is $3.05.
What is the Fund Sentiment?
There are 312 funds or institutions reporting positions in Frontline. This is a decrease of 3 owner(s) or 0.95% in the last quarter. Average portfolio weight of all funds dedicated to FRO is 0.16%, an increase of 11.02%. Total shares owned by institutions increased in the last three months by 3.92% to 92,446K shares. The put/call ratio of FRO is 0.81, indicating a bullish outlook.
What are large shareholders doing?
Folketrygdfondet holds 9,034K shares representing 4.06% ownership of the company. In it's prior filing, the firm reported owning 9,927K shares, representing a decrease of 9.88%. The firm decreased its portfolio allocation in FRO by 99.90% over the last quarter.
Two Sigma Investments holds 5,134K shares representing 2.31% ownership of the company. In it's prior filing, the firm reported owning 2,984K shares, representing an increase of 41.87%. The firm increased its portfolio allocation in FRO by 76.52% over the last quarter.
Millennium Management holds 4,484K shares representing 2.01% ownership of the company. In it's prior filing, the firm reported owning 2,212K shares, representing an increase of 50.66%. The firm increased its portfolio allocation in FRO by 110.63% over the last quarter.
Two Sigma Advisers holds 4,477K shares representing 2.01% ownership of the company. In it's prior filing, the firm reported owning 2,751K shares, representing an increase of 38.56%. The firm increased its portfolio allocation in FRO by 74.36% over the last quarter.
ANTIPODES PARTNERS holds 3,694K shares representing 1.66% ownership of the company. In it's prior filing, the firm reported owning 4,382K shares, representing a decrease of 18.63%. The firm decreased its portfolio allocation in FRO by 16.31% 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.