Frontline (NYSE:FRO) shares gained more than 3% intra-day today after Jefferies upgraded the company to Buy from Hold and raised the price target to $30 from $22. The analysts highlighted Frontline as one of the world’s largest crude tanker operators, boasting a young fleet and significant exposure to scrubbers. They predict more robust tanker dynamics ahead, driven by increasing non-OPEC production volumes and potential additional exports from OPEC+.

The analysts anticipate dividends will continue to play a key role for Frontline, benefiting shareholders with an unofficial dividend payout ratio of 80% of quarterly earnings.

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