Frontline (NYSE:FRO) Shares Down 3% – Here’s What Happened

Frontline plc (NYSE:FRO) shares dropped 3% during mid-day trading on Monday . The stock traded as low as $15.05 and last traded at $15.04. Approximately 498,121 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 2,351,110 shares. The stock had previously closed at $15.50.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FRO. Jefferies Financial Group lowered their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, December 17th. Kepler Capital Markets set a $12.49 price objective on Frontline in a research note on Thursday, March 27th. Two analysts have rated the stock with a sell rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $23.62.

Frontline Stock Down 2.5 %

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 stock’s fifty day simple moving average is $15.93 and its two-hundred day simple moving average is $17.40. The stock has a market capitalization of $3.37 billion, a P/E ratio of 6.17 and a beta of 0.20.

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

Frontline Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.29%. The ex-dividend date was Friday, March 14th. Frontline’s dividend payout ratio is currently 36.04%.

Institutional Trading of Frontline

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FRO. SeaCrest Wealth Management LLC boosted its stake in shares of Frontline by 11.7% in the 1st quarter. SeaCrest Wealth Management LLC now owns 54,375 shares of the shipping company’s stock valued at $807,000 after purchasing an additional 5,700 shares during the last quarter. Jefferies Financial Group Inc. acquired a new stake in Frontline during the 4th quarter worth about $425,000. Public Employees Retirement System of Ohio raised its position in shares of Frontline by 10.7% in the 4th quarter. Public Employees Retirement System of Ohio now owns 48,706 shares of the shipping company’s stock worth $671,000 after acquiring an additional 4,716 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Frontline by 69.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 164,856 shares of the shipping company’s stock valued at $2,339,000 after purchasing an additional 67,445 shares during the period. Finally, Vident Advisory LLC lifted its stake in shares of Frontline by 62.7% in the 4th quarter. Vident Advisory LLC now owns 28,503 shares of the shipping company’s stock valued at $404,000 after purchasing an additional 10,982 shares during the period. 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.