Frontline (NYSE:FRO) Shares Gap Down to $25.76

Frontline plc (NYSE:FRO) shares gapped down prior to trading on Monday . The stock had previously closed at $25.76, but opened at $25.13. Frontline shares last traded at $24.91, with a volume of 483,131 shares traded.

Analyst Ratings Changes

Several research analysts recently commented on FRO shares. StockNews.com lowered Frontline from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Jefferies Financial Group restated a “buy” rating and set a $30.00 target price on shares of Frontline in a research report on Thursday, May 30th.

Frontline Stock Down 3.1 %

The company has a 50-day simple moving average of $26.02 and a 200-day simple moving average of $23.73. The firm has a market cap of $5.56 billion, a PE ratio of 8.67 and a beta of 0.03. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.75 and a quick ratio of 1.75.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Thursday, May 30th. The shipping company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.24). Frontline had a net margin of 32.94% and a return on equity of 23.14%. The company had revenue of $578.40 million for the quarter, compared to the consensus estimate of $380.73 million. During the same period in the prior year, the firm posted $0.87 EPS. The business’s revenue was up 16.3% on a year-over-year basis. Analysts expect that Frontline plc will post 3.43 earnings per share for the current fiscal year.

Frontline Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 9.93%. The ex-dividend date of this dividend was Friday, June 14th. This is an increase from Frontline’s previous quarterly dividend of $0.37. Frontline’s payout ratio is currently 86.71%.

Institutional Trading of Frontline

Institutional investors and hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC bought a new stake in shares of Frontline during the fourth quarter valued at approximately $603,000. M&G Investment Management Ltd. bought a new position in Frontline in the fourth quarter worth approximately $27,883,000. National Bank of Canada FI raised its stake in Frontline by 1,813.6% in the fourth quarter. National Bank of Canada FI now owns 73,941 shares of the shipping company’s stock worth $1,490,000 after buying an additional 70,077 shares in the last quarter. Forest Avenue Capital Management LP raised its stake in Frontline by 115.9% in the fourth quarter. Forest Avenue Capital Management LP now owns 1,057,691 shares of the shipping company’s stock worth $21,207,000 after buying an additional 567,900 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D raised its stake in Frontline by 187.9% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 49,839 shares of the shipping company’s stock worth $999,000 after buying an additional 32,526 shares in the last quarter. Institutional investors own 22.70% of the company’s stock.

Frontline Company Profile

Frontline plc, a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.