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

Frontline plc (NYSE:FRO)’s share price gapped down before the market opened on Monday . The stock had previously closed at $16.56, but opened at $16.15. Frontline shares last traded at $16.39, with a volume of 364,689 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Evercore ISI reduced their target price on shares of Frontline from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 target price 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 issued a strong buy rating to the stock. According to MarketBeat, Frontline has a consensus rating of “Moderate Buy” and a consensus target price of $20.62.

Frontline Stock Performance

The stock’s 50-day moving average is $15.45 and its 200 day moving average is $16.79. The stock has a market cap of $3.63 billion, a price-to-earnings ratio of 6.66 and a beta of 0.20. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.20. The firm had revenue of $425.60 million for 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%. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.46 earnings per share. As a group, analysts predict that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.20 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.91%. Frontline’s dividend payout ratio is presently 36.04%.

Institutional Trading of Frontline

A number of institutional investors have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp acquired a new stake in shares of Frontline during the 4th quarter valued at approximately $31,000. Golden State Wealth Management LLC purchased a new stake in Frontline during the fourth quarter worth $84,000. National Bank of Canada FI grew its holdings in 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 purchasing an additional 4,738 shares during the last quarter. Blue Trust Inc. increased 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 buying an additional 4,084 shares in the last quarter. Finally, Nexpoint Asset Management L.P. purchased a new position in shares of Frontline in the fourth quarter valued at $159,000. Hedge funds and other institutional investors own 22.70% of the company’s stock.

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.