Frontline (NYSE:FRO) Shares Gap Up to $22.37

Frontline plc (NYSE:FRO) gapped up prior to trading on Monday . The stock had previously closed at $22.37, but opened at $22.92. Frontline shares last traded at $22.90, with a volume of 412,241 shares.

Analyst Upgrades and Downgrades

FRO has been the topic of several recent research reports. Jefferies Financial Group reissued a “buy” rating and issued a $30.00 price target on shares of Frontline in a research note on Friday, August 30th. Evercore ISI dropped their target price on Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Finally, StockNews.com raised Frontline to a “sell” rating in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $27.58.

Frontline Stock Performance

The company has a market capitalization of $4.96 billion, a price-to-earnings ratio of 7.82 and a beta of 0.04. The stock’s 50 day moving average price is $23.60 and its 200 day moving average price is $24.45. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Friday, August 30th. The shipping company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.03). The company had revenue of $409.72 million for the quarter, compared to analyst estimates of $383.88 million. Frontline had a net margin of 29.42% and a return on equity of 19.73%. During the same period last year, the company posted $0.94 earnings per share. Analysts expect that Frontline plc will post 2.62 earnings per share for the current year.

Frontline Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.62 dividend. The ex-dividend date is Friday, September 13th. This represents a $2.48 annualized dividend and a dividend yield of 10.80%. Frontline’s dividend payout ratio is presently 86.71%.

Institutional Trading of Frontline

Several institutional investors and hedge funds have recently added to or reduced their stakes in FRO. ICA Group Wealth Management LLC bought a new stake in Frontline in the fourth quarter valued at approximately $25,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Frontline during the 2nd quarter worth approximately $31,000. Summit Securities Group LLC raised its stake in Frontline by 75.0% in the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after acquiring an additional 600 shares during the period. Blue Trust Inc. lifted its holdings in Frontline by 17,866.7% during the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock valued at $56,000 after purchasing an additional 2,144 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Frontline by 169.2% during the fourth quarter. Russell Investments Group Ltd. now owns 3,928 shares of the shipping company’s stock worth $79,000 after purchasing an additional 2,469 shares during the period. 22.70% of the stock is 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.