Frontline (NYSE:FRO) Shares Gap Down – Here’s Why

Frontline plc (NYSE:FRO)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $18.70, but opened at $18.25. Frontline shares last traded at $18.20, with a volume of 410,176 shares trading hands.

Analyst Ratings Changes

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

Frontline Stock Performance

The firm’s 50 day moving average is $16.36 and its two-hundred day moving average is $20.73. The stock has a market capitalization of $4.02 billion, a PE ratio of 7.37 and a beta of 0.01. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43.

Frontline (NYSE:FRO) last announced its 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 quarter in the previous year, the company earned $0.36 EPS. As a group, research analysts predict that Frontline plc will post 1.83 earnings per share for the current year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 7.53%. The ex-dividend date of this dividend was Wednesday, December 11th. Frontline’s dividend payout ratio (DPR) is presently 55.51%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Private Advisor Group LLC boosted its holdings in shares of Frontline by 4.8% in the 3rd quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company’s stock valued at $243,000 after buying an additional 490 shares in the last quarter. IHT Wealth Management LLC boosted its holdings in shares of Frontline by 3.5% in the 3rd quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock valued at $359,000 after buying an additional 535 shares in the last quarter. Godsey & Gibb Inc. acquired a new position in shares of Frontline in the 3rd quarter valued at $25,000. Redhawk Wealth Advisors Inc. boosted its holdings in shares of Frontline by 6.7% in the 3rd quarter. Redhawk Wealth Advisors Inc. now owns 25,675 shares of the shipping company’s stock valued at $587,000 after buying an additional 1,608 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of Frontline by 124.4% in the 3rd quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company’s stock valued at $111,000 after buying an additional 2,681 shares in the last quarter. 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.