Frontline (NYSE:FRO) Stock Price Down 2.8% – Time to Sell?

Frontline plc (NYSE:FRO)’s stock price traded down 2.8% during trading on Friday . The stock 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 Analysts Forecast Growth

A number of brokerages have recently issued reports on FRO. StockNews.com raised Frontline to a “sell” rating in a research note on Thursday, September 5th. BTIG Research raised shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a report on Monday, October 7th. Fearnley Fonds upgraded shares of Frontline to a “strong-buy” rating in a research report on Friday, September 27th. Jefferies Financial Group cut their price objective on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Finally, Kepler Capital Markets cut Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price on the stock. in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.36.

Frontline Stock Down 2.5 %

The business has a fifty day moving average of $16.88 and a 200 day moving average of $21.31. The stock has a market capitalization of $3.19 billion and a price-to-earnings ratio of 5.84. 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 posted its earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a net margin of 25.64% and a return on equity of 19.25%. During the same quarter last year, the company posted $0.36 earnings per share. As a group, equities analysts predict that Frontline plc will post 1.83 earnings per share for the current year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 9.50%. The ex-dividend date of this dividend was Wednesday, December 11th. Frontline’s payout ratio is 55.51%.

Hedge Funds Weigh In On Frontline

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Godsey & Gibb Inc. acquired a new position in shares of Frontline in the third quarter valued at approximately $25,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Frontline in the second quarter worth $31,000. Blue Trust Inc. increased its position in shares of Frontline by 124.4% during the third quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company’s stock worth $111,000 after acquiring an additional 2,681 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Frontline by 4,965.6% in the second quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock valued at $116,000 after acquiring an additional 4,618 shares in the last quarter. Finally, U S Global Investors Inc. purchased a new position in Frontline in the third quarter valued at $135,000. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

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.