Frontline (NYSE:FRO) Shares Gap Down to $23.94

Frontline plc (NYSE:FRO) shares gapped down before the market opened on Friday . The stock had previously closed at $23.94, but opened at $22.62. Frontline shares last traded at $22.30, with a volume of 473,633 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. StockNews.com upgraded Frontline to a “sell” rating in a research note on Thursday, September 5th. Jefferies Financial Group restated a “buy” rating and set a $30.00 price target on shares of Frontline in a research note on Friday, August 30th. Finally, Evercore ISI reduced their price objective on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Frontline presently has an average rating of “Hold” and a consensus price target of $27.58.

Frontline Trading Down 6.9 %

The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market capitalization of $4.96 billion, a PE ratio of 7.80 and a beta of 0.04. The stock has a fifty day moving average of $23.59 and a 200 day moving average of $24.45.

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

Frontline Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 11.12%. Frontline’s dividend payout ratio is 86.71%.

Institutional Investors Weigh In On Frontline

Institutional investors and hedge funds have recently bought and sold shares of the company. Summit Securities Group LLC increased 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 valued at $36,000 after purchasing an additional 600 shares during the period. Cozad Asset Management Inc. boosted its stake in Frontline by 6.4% in the second quarter. Cozad Asset Management Inc. now owns 12,976 shares of the shipping company’s stock valued at $334,000 after acquiring an additional 785 shares in the last quarter. TD Asset Management Inc grew its holdings in Frontline by 9.7% in the second quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company’s stock worth $258,000 after purchasing an additional 871 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in Frontline during the 2nd quarter worth about $31,000. Finally, ICA Group Wealth Management LLC purchased a new stake in Frontline during the 4th quarter valued at about $25,000. 22.70% of the stock is owned by institutional investors.

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.