Frontline – FRO – Big 1Q Dividend, but is that the Peak? FRO posted 1Q20 diluted EPS of $0.86 (excluding one-time items), coming in below our forecast of $0.89 and the average Street forecast of $0.93. However, the all-important dividend came in at $0.70/share, representing a payout ratio of roughly 80% and exceeding our projection of $0.53/share (60% payout ratio). – IN LINE – Evercore – May 21, 2020