Frontline Plc Q1 adjusted profit highest since 2004

Frontline

22/05/2026 06:38

Overview

Tanker operator reported Q1 revenue of $714.2 mln, adjusted profit highest since 2004

Company declared $1.55 per share dividend for Q1

Q1 results driven by high spot charter rates and vessel sales gains

Outlook

Frontline expects Q2 2026 spot TCEs to be lower than currently contracted rates

Company says fundamentally firm market conditions have carried into the second quarter

Frontline is constructive on the longer-term tanker market outlook due to energy security focus

Result Drivers

MARKET VOLATILITY - Co said high volatility, including effective closure of Strait of Hormuz, led to rapid shifts in trading patterns and supported vessel utilization and earnings

VESSEL SALES - Gain on sale of eight VLCCs contributed $210.9 mln to profit in Q1

HIGH SPOT CHARTER RATES - Co achieved elevated spot TCEs for VLCCs, Suezmax, and LR2/Aframax tankers in Q1

Company press release: ID:nGNXcbhGZ6

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
$714.20 mln
Q1 Dividend
$1.55


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the oil & gas transportation services peer group is "buy"

Wall Street's median 12-month price target for Frontline PLC is NOK360.00, about 0.4% below its May 21 closing price of NOK361.30

The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 9 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)