Frontline (NYSE:FRO) Stock Price Down 4.1%

Frontline plc (NYSE:FRO)’s share price dropped 4.1% during mid-day trading on Wednesday . The stock traded as low as $21.67 and last traded at $21.76. Approximately 1,195,612 shares changed hands during mid-day trading, a decline of 32% from the average daily volume of 1,769,782 shares. The stock had previously closed at $22.69.

Analyst Upgrades and Downgrades

FRO has been the subject of several research analyst reports. StockNews.com upgraded shares of Frontline to a “sell” rating in a report on Thursday, September 5th. Evercore ISI lowered their target price on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Finally, Jefferies Financial Group restated a “buy” rating and issued a $30.00 target price on shares of Frontline in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Frontline presently has an average rating of “Hold” and a consensus price target of $27.58.

Frontline Stock Performance

The stock has a market cap of $4.98 billion, a price-to-earnings ratio of 7.93 and a beta of 0.04. The stock’s 50 day moving average is $23.52 and its two-hundred day moving average is $24.45. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). The business had revenue of $409.72 million for the quarter, compared to analyst estimates of $383.88 million. Frontline had a return on equity of 19.73% and a net margin of 29.42%. During the same quarter in the prior year, the company earned $0.94 EPS. Analysts anticipate that Frontline plc will post 2.62 earnings per share for the current fiscal year.

Frontline Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.62 per share. The ex-dividend date is Friday, September 13th. This represents a $2.48 annualized dividend and a yield of 11.53%. Frontline’s dividend payout ratio (DPR) is currently 86.71%.

Institutional Investors Weigh In On Frontline

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Frontline by 5,319.5% in the first quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company’s stock worth $123,750,000 after acquiring an additional 5,195,312 shares during the last quarter. Hsbc Holdings PLC lifted its position in Frontline by 7.7% during the second quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company’s stock valued at $50,683,000 after buying an additional 138,011 shares in the last quarter. Forest Avenue Capital Management LP lifted its position in Frontline by 12.7% during the second quarter. Forest Avenue Capital Management LP now owns 1,429,909 shares of the shipping company’s stock valued at $36,834,000 after buying an additional 161,518 shares in the last quarter. M&G Plc acquired a new position in Frontline during the first quarter valued at approximately $25,074,000. Finally, Edge Capital Group LLC lifted its position in Frontline by 31.8% during the second quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company’s stock valued at $10,641,000 after buying an additional 99,765 shares in the last quarter. 22.70% of the stock is owned by institutional investors and hedge funds.

About Frontline

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.