Frontline (NYSE:FRO) Shares Gap Up to $25.34

Frontline plc (NYSE:FRO) gapped up before the market opened on Friday . The stock had previously closed at $25.34, but opened at $25.89. Frontline shares last traded at $25.58, with a volume of 628,041 shares traded.

Wall Street Analysts Forecast Growth

FRO has been the subject of several recent research reports. JPMorgan Chase & Co. lowered their price target on shares of Frontline from $23.00 to $22.30 and set a “neutral” rating for the company in a research note on Friday, March 1st. StockNews.com downgraded shares of Frontline from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $30.00 price target on shares of Frontline in a research note on Thursday, May 30th.

Frontline Price Performance

The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 1.59. The firm’s 50-day moving average is $25.79 and its 200-day moving average is $23.45. The company has a market cap of $5.72 billion, a PE ratio of 8.98 and a beta of 0.03.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Thursday, May 30th. The shipping company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.24). The business had revenue of $578.40 million during the quarter, compared to analysts’ expectations of $380.73 million. Frontline had a return on equity of 23.14% and a net margin of 32.94%. Frontline’s revenue for the quarter was up 16.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.87 EPS. On average, equities analysts anticipate that Frontline plc will post 3.43 EPS for the current year.

Frontline Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.62 per share. The ex-dividend date is Friday, June 14th. This represents a $2.48 annualized dividend and a dividend yield of 9.65%. This is an increase from Frontline’s previous quarterly dividend of $0.37. Frontline’s dividend payout ratio (DPR) is 86.71%.

Institutional Investors Weigh In On Frontline

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Frontline by 5,319.5% during the 1st quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company’s stock worth $123,750,000 after acquiring an additional 5,195,312 shares during the last quarter. M&G Investment Management Ltd. purchased a new position in shares of Frontline during the 4th quarter worth $27,883,000. Hsbc Holdings PLC boosted its stake in shares of Frontline by 17.2% during the 3rd quarter. Hsbc Holdings PLC now owns 1,114,841 shares of the shipping company’s stock worth $20,537,000 after acquiring an additional 163,804 shares during the last quarter. M&G Plc purchased a new position in shares of Frontline during the 1st quarter worth $25,074,000. Finally, Forest Avenue Capital Management LP boosted its stake in shares of Frontline by 115.9% during the 4th quarter. Forest Avenue Capital Management LP now owns 1,057,691 shares of the shipping company’s stock worth $21,207,000 after acquiring an additional 567,900 shares during the last quarter. Hedge funds and other institutional investors 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.