Frontline (NYSE:FRO) Shares Up 7.6% – Time to Buy?

Frontline plc (NYSE:FRO) traded up 7.6% during mid-day trading on Friday . The company traded as high as $17.35 and last traded at $17.03. 2,211,286 shares were traded during trading, a decline of 41% from the average session volume of 3,764,881 shares. The stock had previously closed at $15.83.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. BTIG Research upgraded 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. Kepler Capital Markets cut shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target on the stock. in a report on Thursday, December 12th. Jefferies Financial Group decreased their price target on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. Finally, Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a research report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.03.

Frontline Stock Up 9.5 %

The business’s 50 day moving average is $16.43 and its 200 day moving average is $20.98. 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 company has a market capitalization of $3.86 billion, a price-to-earnings ratio of 7.07 and a beta of 0.01.

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 last year, the business posted $0.36 EPS. Sell-side analysts anticipate 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. Shareholders of record on Wednesday, December 11th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 7.85%. The ex-dividend date of this dividend was Wednesday, December 11th. Frontline’s payout ratio is 55.51%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FRO. International Assets Investment Management LLC acquired a new stake in shares of Frontline in the 3rd quarter valued at approximately $783,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Frontline by 102.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 43,494 shares of the shipping company’s stock worth $994,000 after buying an additional 22,022 shares in the last quarter. Range Financial Group LLC purchased a new position in shares of Frontline during the 4th quarter worth $579,000. Edge Capital Group LLC grew its holdings in Frontline by 31.8% in the 2nd quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company’s stock valued at $10,641,000 after buying an additional 99,765 shares during the period. Finally, FCG Investment Co acquired a new stake in shares of Frontline during the 3rd quarter worth $823,000. 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.