Frontline (NYSE:FRO) Shares Down 5.1% – What’s Next?

Frontline plc (NYSE:FRO)’s share price traded down 5.1% on Tuesday . The stock traded as low as $16.42 and last traded at $16.47. 3,574,344 shares traded hands during trading, a decline of 29% from the average session volume of 5,039,623 shares. The stock had previously closed at $17.36.

Wall Street Analyst Weigh In

Several equities analysts recently commented on FRO shares. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a research note on Friday, September 27th. Kepler Capital Markets cut 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. BTIG Research raised shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a research report on Monday, October 7th. Finally, Jefferies Financial Group cut their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.03.

Frontline Stock Performance

The firm has a market capitalization of $3.75 billion, a PE ratio of 6.87 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. The business’s fifty day simple moving average is $16.11 and its 200-day simple moving average is $20.42.

Frontline (NYSE:FRO) last released its quarterly earnings data on Wednesday, November 27th. The shipping company reported $0.34 EPS for the quarter, missing the consensus estimate 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 quarter in the prior year, the company posted $0.36 EPS. As a group, equities research analysts expect that Frontline plc will post 1.83 EPS for the current year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th were given 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 8.08%. Frontline’s dividend payout ratio (DPR) is currently 55.51%.

Institutional Investors Weigh In On Frontline

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Private Advisor Group LLC lifted 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 worth $243,000 after acquiring an additional 490 shares during the last quarter. IHT Wealth Management LLC boosted its position in shares of Frontline by 3.5% during the third 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 during the period. Godsey & Gibb Inc. bought a new position in shares of Frontline during the third quarter valued at approximately $25,000. Redhawk Wealth Advisors Inc. raised its holdings in shares of Frontline by 6.7% in the third 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 period. Finally, Blue Trust Inc. raised its holdings in shares of Frontline by 124.4% in the third quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company’s stock worth $111,000 after buying 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.