Frontline (NYSE:FRO) Sets New 12-Month Low – What’s Next?

Frontline plc (NYSE:FRO) hit a new 52-week low on Thursday . The stock traded as low as $13.35 and last traded at $13.36, with a volume of 1099048 shares traded. The stock had previously closed at $13.78.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Jefferies Financial Group reduced their price target on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday. StockNews.com raised shares of Frontline to a “sell” rating in a research note on Thursday, September 5th. Kepler Capital Markets lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target on the stock. in a research note on Thursday, December 12th. Fearnley Fonds raised Frontline to a “strong-buy” rating in a report on Friday, September 27th. Finally, BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $24.36.

Frontline Stock Down 2.8 %

The firm has a market capitalization of $2.98 billion and a P/E ratio of 5.47. The firm’s fifty day moving average price is $18.66 and its 200-day moving average price is $22.23. 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 issued its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (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 period last year, the firm earned $0.36 EPS. As a group, equities research analysts forecast that Frontline plc will post 1.83 earnings per share for the current year.

Frontline Cuts Dividend

The firm also recently declared 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 10.15%. The ex-dividend date is Wednesday, December 11th. Frontline’s payout ratio is 55.51%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Godsey & Gibb Inc. acquired a new stake in Frontline during the 3rd quarter worth about $25,000. Ashton Thomas Private Wealth LLC acquired a new position in Frontline in the 2nd quarter worth approximately $31,000. Summit Securities Group LLC grew its position in Frontline by 75.0% during the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after purchasing an additional 600 shares in the last quarter. Blue Trust Inc. raised its stake in Frontline by 17,866.7% during the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock valued at $56,000 after purchasing an additional 2,144 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in Frontline by 4,965.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock valued at $116,000 after purchasing an additional 4,618 shares during the period. Institutional investors and hedge funds 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.