Frontline (NYSE:FRO) Stock Price Down 2.8% – What’s Next?

Frontline plc (NYSE:FRO) fell 2.8% during mid-day trading on Friday . The company traded as low as $14.26 and last traded at $14.28. 677,756 shares were traded during trading, a decline of 63% from the average session volume of 1,832,947 shares. The stock had previously closed at $14.69.

Wall Street Analyst Weigh In

Several equities research analysts have commented on FRO shares. BTIG Research raised shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Monday, October 7th. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a research note on Friday, September 27th. Kepler Capital Markets cut Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target for the company. in a research report on Thursday, December 12th. Finally, Jefferies Financial Group decreased their price target on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. One analyst has rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Frontline presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.36.

Frontline Trading Down 3.0 %

The firm has a market capitalization of $3.17 billion, a PE ratio of 5.82 and a beta of 0.01. The company’s fifty day simple moving average is $16.76 and its 200-day simple moving average is $21.22. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same period in the previous year, the firm earned $0.36 EPS. As a group, sell-side analysts expect that Frontline plc will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th were issued a dividend of $0.34 per share. The ex-dividend date was Wednesday, December 11th. This represents a $1.36 annualized dividend and a dividend yield of 9.54%. Frontline’s dividend payout ratio is presently 55.51%.

Institutional Investors Weigh In On Frontline

A number of hedge funds have recently modified their holdings of the company. Godsey & Gibb Inc. acquired a new position in Frontline in the 3rd quarter valued at about $25,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Frontline during the 2nd quarter valued at approximately $31,000. Blue Trust Inc. lifted its holdings in Frontline by 124.4% in the third quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company’s stock valued at $111,000 after acquiring an additional 2,681 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Frontline by 4,965.6% in the second quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock worth $116,000 after acquiring an additional 4,618 shares during the period. Finally, U S Global Investors Inc. purchased a new position in Frontline in the third quarter worth approximately $135,000. Hedge funds and other 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.