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

Frontline plc (NYSE:FRO)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $14.27, but opened at $15.40. Frontline shares last traded at $15.54, with a volume of 2,240,719 shares changing hands.

Analyst Ratings Changes

A number of brokerages recently issued reports on FRO. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Monday, October 7th. Fearnley Fonds raised Frontline to a “strong-buy” rating in a research note on Friday, September 27th. Kepler Capital Markets lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective for the company. in a research note on Thursday, December 12th. Finally, Jefferies Financial Group lowered their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.36.

Frontline Stock Down 0.3 %

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 market capitalization of $3.53 billion, a P/E ratio of 6.47 and a beta of 0.01. The business has a 50 day moving average price of $16.51 and a 200 day moving average price of $21.01.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates 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 last year, the business earned $0.36 EPS. On average, analysts predict that Frontline plc will post 1.83 earnings per share for the current year.

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th were given a $0.34 dividend. The ex-dividend date of this dividend was Wednesday, December 11th. This represents a $1.36 annualized dividend and a yield of 8.58%. Frontline’s dividend payout ratio is 55.51%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FRO. The Manufacturers Life Insurance Company increased its holdings in Frontline by 1,326.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 527,470 shares of the shipping company’s stock valued at $12,053,000 after buying an additional 490,486 shares during the period. M&G PLC boosted its position in shares of Frontline by 27.2% during the 3rd quarter. M&G PLC now owns 1,110,763 shares of the shipping company’s stock valued at $25,164,000 after acquiring an additional 237,446 shares in the last quarter. Forest Avenue Capital Management LP increased its stake in Frontline by 12.7% in the second quarter. Forest Avenue Capital Management LP now owns 1,429,909 shares of the shipping company’s stock valued at $36,834,000 after acquiring an additional 161,518 shares during the period. Point72 Europe London LLP bought a new stake in Frontline in the third quarter valued at about $3,219,000. Finally, Hsbc Holdings PLC raised its position in Frontline by 7.7% in the second quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company’s stock worth $50,683,000 after purchasing an additional 138,011 shares in the last quarter. 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.