Frontline (NYSE:FRO) Trading Down 5.1% – Here’s What Happened

Frontline plc (NYSE:FRO) was down 5.1% during mid-day trading on Tuesday . The company traded as low as $16.42 and last traded at $16.47. Approximately 3,574,344 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 5,039,623 shares. The stock had previously closed at $17.36.

Wall Street Analysts Forecast Growth

FRO has been the topic of several research reports. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a report on Friday, September 27th. Kepler Capital Markets downgraded Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target on the stock. in a research report on Thursday, December 12th. Jefferies Financial Group decreased their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Finally, BTIG Research raised shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $24.03.

Frontline Trading Up 1.2 %

The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The stock has a market capitalization of $3.75 billion, a P/E ratio of 6.87 and a beta of 0.01. The company has a 50-day moving average price of $16.11 and a 200 day moving average price of $20.42.

Frontline (NYSE:FRO) last released 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 net margin of 25.64% and a return on equity of 19.25%. During the same quarter in the previous year, the business earned $0.36 EPS. On average, research analysts forecast that Frontline plc will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 8.08%. The ex-dividend date of this dividend was Wednesday, December 11th. Frontline’s dividend payout ratio is currently 55.51%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its stake in shares of Frontline by 4,965.6% during the second quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock worth $116,000 after buying an additional 4,618 shares during the period. Squarepoint Ops LLC raised its stake in Frontline by 230.2% in the 2nd quarter. Squarepoint Ops LLC now owns 32,319 shares of the shipping company’s stock worth $833,000 after acquiring an additional 22,531 shares during the last quarter. Susquehanna International Group Ltd. acquired a new stake in Frontline during the 2nd quarter worth about $280,000. Sanctuary Advisors LLC purchased a new stake in Frontline during the 2nd quarter valued at about $548,000. Finally, SG Americas Securities LLC acquired a new position in shares of Frontline in the third quarter valued at about $305,000. 22.70% of the stock is owned by institutional investors and hedge funds.

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.