Frontline Target of Unusually Large Options Trading (NYSE:FRO)

Frontline plc (NYSE:FRO) saw unusually large options trading on Thursday. Investors purchased 9,294 call options on the stock. This is an increase of approximately 121% compared to the average volume of 4,210 call options.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FRO. Kepler Capital Markets set a $12.49 target price on Frontline in a research report on Thursday, March 27th. Jefferies Financial Group decreased their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Two investment analysts have rated the stock with a sell rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Frontline currently has a consensus rating of “Moderate Buy” and an average price target of $23.62.

Frontline Stock Down 10.6 %

Shares of NYSE FRO opened at $12.83 on Friday. Frontline has a 12-month low of $12.40 and a 12-month high of $29.39. The stock’s fifty day simple moving average is $16.37 and its two-hundred day simple moving average is $17.86. The stock has a market capitalization of $2.86 billion, a PE ratio of 5.23 and a beta of 0.20. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.20. The company had revenue of $425.60 million for the quarter, compared to the consensus estimate of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.46 earnings per share. As a group, analysts expect that Frontline will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $0.20 per share. The ex-dividend date was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 6.24%. Frontline’s dividend payout ratio (DPR) is presently 36.04%.

Institutional Investors Weigh In On Frontline

Several institutional investors have recently bought and sold shares of FRO. Jones Financial Companies Lllp acquired a new position in shares of Frontline during the fourth quarter worth $31,000. Golden State Wealth Management LLC acquired a new position in Frontline during the 4th quarter valued at about $84,000. National Bank of Canada FI raised its stake in Frontline by 331.8% in the fourth quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company’s stock valued at $87,000 after buying an additional 4,738 shares during the last quarter. Blue Trust Inc. boosted its holdings in Frontline by 84.4% in the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock worth $127,000 after acquiring an additional 4,084 shares in the last quarter. Finally, Nexpoint Asset Management L.P. purchased a new stake in shares of Frontline during the fourth quarter worth about $159,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

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.