Frontline (NYSE:FRO) Shares Gap Up – Time to Buy?

Shares of Frontline plc (NYSE:FRO) gapped up prior to trading on Wednesday . The stock had previously closed at $15.81, but opened at $16.50. Frontline shares last traded at $16.62, with a volume of 602,128 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Jefferies Financial Group lowered their target price on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, December 17th. Kepler Capital Markets downgraded Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price on the stock. in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.46.

Frontline Stock Up 1.7 %

The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. The firm has a fifty day moving average price of $16.87 and a 200 day moving average price of $18.43. The firm has a market capitalization of $3.76 billion, a price-to-earnings ratio of 6.90 and a beta of -0.04.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, meeting the consensus estimate of $0.20. The business had revenue of $425.60 million during the quarter, compared to analysts’ expectations of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the firm earned $0.46 EPS. As a group, sell-side analysts expect that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, March 14th. This represents a $0.80 annualized dividend and a yield of 4.73%. Frontline’s dividend payout ratio is presently 36.04%.

Hedge Funds Weigh In On Frontline

Hedge funds and other institutional investors have recently bought and sold shares of the company. Jones Financial Companies Lllp acquired a new position in Frontline during the fourth quarter worth $31,000. Golden State Wealth Management LLC purchased a new stake in shares of Frontline in the fourth quarter valued at $84,000. National Bank of Canada FI lifted its position in shares of Frontline by 331.8% in the fourth quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company’s stock valued at $87,000 after acquiring an additional 4,738 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Frontline by 84.4% in the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock valued at $127,000 after acquiring an additional 4,084 shares in the last quarter. Finally, Vestcor Inc purchased a new stake in shares of Frontline in the third quarter valued at $255,000. 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.