Frontline plc (NYSE:FRO) Sees Significant Increase in Short Interest

Frontline plc (NYSE:FRO) was the target of a large increase in short interest in December. As of December 31st, there was short interest totalling 6,080,000 shares, an increase of 10.3% from the December 15th total of 5,510,000 shares. Based on an average daily volume of 2,820,000 shares, the short-interest ratio is currently 2.2 days. Currently, 4.3% of the company’s stock are short sold.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Kepler Capital Markets lowered Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price for the company. in a research report on Thursday, December 12th. Jefferies Financial Group decreased their target price on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a research report on Monday, October 7th. Finally, Fearnley Fonds raised Frontline to a “strong-buy” rating in a research report on Friday, September 27th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.03.

Frontline Stock Down 0.7 %

Shares of NYSE:FRO traded down $0.13 on Monday, reaching $17.36. The company had a trading volume of 4,011,623 shares, compared to its average volume of 2,416,114. Frontline has a 52-week low of $13.17 and a 52-week high of $29.39. The firm’s 50 day simple moving average is $16.29 and its 200-day simple moving average is $20.59. The firm has a market capitalization of $3.87 billion, a PE ratio of 7.09 and a beta of 0.01. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 in the previous year, the company earned $0.36 earnings per share. As a group, analysts expect that Frontline will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Wednesday, December 11th. This represents a $1.36 annualized dividend and a yield of 7.83%. Frontline’s dividend payout ratio (DPR) is 55.51%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Private Advisor Group LLC grew its stake in Frontline by 4.8% during the 3rd quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company’s stock worth $243,000 after buying an additional 490 shares during the last quarter. IHT Wealth Management LLC grew its stake 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 buying an additional 535 shares during the last quarter. Godsey & Gibb Inc. purchased a new position in Frontline during the 3rd quarter worth $25,000. Redhawk Wealth Advisors Inc. grew its stake in Frontline by 6.7% during the 3rd quarter. Redhawk Wealth Advisors Inc. now owns 25,675 shares of the shipping company’s stock worth $587,000 after buying an additional 1,608 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in Frontline by 124.4% during the 3rd quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company’s stock worth $111,000 after acquiring an additional 2,681 shares during the period. 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.