Frontline (NYSE:FRO) Trading Up 7.6% – What’s Next?

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FRO. Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a research report on Friday, September 27th. BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a report on Monday, October 7th. Kepler Capital Markets lowered 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. Finally, Jefferies Financial Group reduced their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.03.

Frontline Trading Up 8.9 %

The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. The firm has a fifty day simple moving average of $16.39 and a two-hundred day simple moving average of $20.88. The firm has a market capitalization of $3.84 billion, a P/E ratio of 7.04 and a beta of 0.01.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same period in the prior year, the company posted $0.36 EPS. On average, equities research analysts anticipate that Frontline plc will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th were given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 7.89%. The ex-dividend date of this dividend was Wednesday, December 11th. Frontline’s dividend payout ratio (DPR) is currently 55.51%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FRO. Private Advisor Group LLC lifted its position in shares of Frontline by 4.8% during the third quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company’s stock worth $243,000 after acquiring an additional 490 shares in the last quarter. IHT Wealth Management LLC lifted its holdings in Frontline by 3.5% during the 3rd quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock worth $359,000 after purchasing an additional 535 shares in the last quarter. TD Asset Management Inc boosted its stake in Frontline by 9.7% in the 2nd quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company’s stock worth $258,000 after purchasing an additional 871 shares during the period. Godsey & Gibb Inc. purchased a new position in Frontline during the 3rd quarter valued at about $25,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of Frontline in the second quarter worth about $31,000. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

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.