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

Frontline plc (NYSE:FRO) gapped down before the market opened on Thursday . The stock had previously closed at $15.75, but opened at $15.09. Frontline shares last traded at $14.96, with a volume of 979,103 shares.

Analyst Upgrades and Downgrades

FRO has been the subject of a number of research reports. Jefferies Financial Group reduced their target price on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. Kepler Capital Markets lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target for the company. in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Frontline has an average rating of “Moderate Buy” and a consensus price target of $24.46.

Frontline Trading Up 0.2 %

The firm’s 50 day moving average is $16.59 and its 200 day moving average is $18.14. 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 company has a market capitalization of $3.33 billion, a PE ratio of 6.10 and a beta of -0.04.

Frontline (NYSE:FRO) last released its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, meeting analysts’ consensus estimates of $0.20. The business had revenue of $425.60 million during the quarter, compared to analyst estimates of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. Frontline’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.46 EPS. As a group, equities analysts predict that Frontline plc will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 5.35%. The ex-dividend date is Friday, March 14th. Frontline’s payout ratio is currently 36.04%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Jones Financial Companies Lllp purchased a new stake in Frontline in the fourth quarter worth about $31,000. Golden State Wealth Management LLC bought a new stake in shares of Frontline in the 4th quarter worth approximately $84,000. National Bank of Canada FI grew its stake in shares of Frontline by 331.8% in the 4th quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company’s stock worth $87,000 after buying an additional 4,738 shares during the last quarter. Blue Trust Inc. raised its stake in Frontline by 84.4% during the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock valued at $127,000 after buying an additional 4,084 shares during the last quarter. Finally, Nexpoint Asset Management L.P. bought a new stake in Frontline in the fourth quarter worth $159,000. 22.70% of the stock is currently owned by 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.