Frontline (NYSE:FRO) Trading Down 3.6% – What’s Next?

Frontline plc (NYSE:FRO)’s share price traded down 3.6% during mid-day trading on Wednesday . The company traded as low as $24.09 and last traded at $24.12. 597,267 shares were traded during mid-day trading, a decline of 67% from the average session volume of 1,794,941 shares. The stock had previously closed at $25.03.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on FRO shares. StockNews.com raised Frontline to a “sell” rating in a research note on Thursday, September 5th. Evercore ISI cut their price target on Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a report on Monday. Fearnley Fonds raised Frontline to a “strong-buy” rating in a research note on Friday, September 27th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $30.00 price target on shares of Frontline in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $28.06.

Frontline Stock Down 3.4 %

The firm has a market cap of $5.39 billion, a price-to-earnings ratio of 8.41 and a beta of 0.04. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.40. The firm has a fifty day moving average price of $23.43 and a 200-day moving average price of $24.49.

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

Frontline Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a dividend of $0.62 per share. The ex-dividend date was Friday, September 13th. This represents a $2.48 annualized dividend and a dividend yield of 10.25%. Frontline’s dividend payout ratio is presently 86.71%.

Institutional Investors Weigh In On Frontline

Institutional investors have recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Frontline in the second quarter worth $31,000. Summit Securities Group LLC boosted its position in Frontline by 75.0% during the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after purchasing an additional 600 shares during the period. Blue Trust Inc. increased its holdings in Frontline by 17,866.7% in 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 in the last quarter. EverSource Wealth Advisors LLC raised its position in Frontline by 4,965.6% in the second quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock valued at $116,000 after purchasing an additional 4,618 shares during the period. Finally, Banque Cantonale Vaudoise lifted its stake in shares of Frontline by 56.6% during the first quarter. Banque Cantonale Vaudoise now owns 5,604 shares of the shipping company’s stock worth $130,000 after purchasing an additional 2,026 shares in 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.