Investors Purchase High Volume of Call Options on Frontline (NYSE:FRO)

Frontline plc (NYSE:FRO) was the target of unusually large options trading activity on Tuesday. Stock investors acquired 15,687 call options on the company. This is an increase of 323% compared to the typical volume of 3,705 call options.

Institutional Investors Weigh In On Frontline

Several institutional investors have recently bought and sold shares of FRO. International Assets Investment Management LLC purchased a new position in shares of Frontline in the 3rd quarter valued at $783,000. Range Financial Group LLC purchased a new position in Frontline in the fourth quarter valued at about $579,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Frontline by 102.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 43,494 shares of the shipping company’s stock worth $994,000 after purchasing an additional 22,022 shares in the last quarter. Clear Harbor Asset Management LLC purchased a new stake in shares of Frontline in the fourth quarter worth about $214,000. Finally, Harbour Capital Advisors LLC acquired a new stake in shares of Frontline in the fourth quarter valued at about $439,000. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Stock Up 7.7 %

Shares of NYSE FRO opened at $18.91 on Wednesday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The stock has a market capitalization of $4.21 billion and a PE ratio of 7.72. The firm has a fifty day moving average of $15.71 and a 200-day moving average of $20.01. Frontline has a 52-week low of $13.17 and a 52-week high of $29.39.

Frontline (NYSE:FRO) last announced its quarterly earnings results 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 return on equity of 19.25% and a net margin of 25.64%. During the same period last year, the business earned $0.36 EPS. On average, analysts anticipate that Frontline will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were issued a $0.34 dividend. The ex-dividend date of this dividend was Wednesday, December 11th. This represents a $1.36 annualized dividend and a yield of 7.19%. Frontline’s payout ratio is 55.51%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on FRO shares. Kepler Capital Markets cut Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target for the company. in a report on Thursday, December 12th. Jefferies Financial Group reduced their target price on shares of Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.03.

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.