Frontline (NYSE:FRO) Shares Gap Down – What’s Next?

Frontline plc (NYSE:FRO) shares gapped down before the market opened on Wednesday . The stock had previously closed at $17.09, but opened at $16.57. Frontline shares last traded at $16.46, with a volume of 973,689 shares.

Analysts Set New Price Targets

FRO has been the topic of a number of research reports. StockNews.com upgraded shares of Frontline to a “sell” rating in a research report on Thursday, September 5th. Jefferies Financial Group restated a “buy” rating and set a $26.00 target price on shares of Frontline in a research report on Wednesday, November 27th. Fearnley Fonds upgraded shares of Frontline to a “strong-buy” rating in a research report on Friday, September 27th. Finally, BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a research report on Monday, October 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.26.

Frontline Trading Down 4.5 %

The business’s 50-day moving average is $20.67 and its two-hundred day moving average is $23.25. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.38 and a current ratio of 1.43. The stock has a market capitalization of $3.63 billion and a PE ratio of 6.98.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Wednesday, November 27th. The shipping company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates 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 earnings per share. As a group, equities research analysts anticipate that Frontline plc will post 1.83 earnings per share for the current year.

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 8.33%. The ex-dividend date of this dividend is Wednesday, December 11th. Frontline’s dividend payout ratio (DPR) is currently 55.51%.

Institutional Investors Weigh In On Frontline

Hedge funds and other institutional investors have recently bought and sold shares of the business. Godsey & Gibb Inc. acquired a new stake in Frontline in the third quarter valued at $25,000. Ashton Thomas Private Wealth LLC acquired a new stake in Frontline in the second quarter valued at $31,000. Summit Securities Group LLC lifted its holdings in Frontline by 75.0% in the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after acquiring an additional 600 shares during the period. Blue Trust Inc. raised its stake in shares of Frontline by 17,866.7% during the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock worth $56,000 after buying an additional 2,144 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Frontline by 4,965.6% during the 2nd 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 last quarter. Institutional investors and hedge funds 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.