Frontline (NYSE:FRO) Shares Gap Down to $22.85

Frontline plc (NYSE:FRO) gapped down before the market opened on Tuesday . The stock had previously closed at $22.85, but opened at $22.31. Frontline shares last traded at $22.94, with a volume of 124,291 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on FRO shares. Evercore ISI lowered their target price on Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. Jefferies Financial Group restated a “buy” rating and issued a $30.00 price objective on shares of Frontline in a research note on Friday, August 30th. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a research note on Friday. Finally, StockNews.com upgraded Frontline to a “sell” rating in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $27.58.

Frontline Price Performance

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’s 50-day moving average is $23.39 and its 200-day moving average is $24.43. The company has a market cap of $5.14 billion, a PE ratio of 8.09 and a beta of 0.04.

Frontline (NYSE:FRO) last posted its quarterly earnings data 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). Frontline had a return on equity of 19.73% and a net margin of 29.42%. The firm had revenue of $409.72 million during the quarter, compared to the consensus estimate of $383.88 million. During the same quarter last year, the company posted $0.94 EPS. On average, equities analysts anticipate that Frontline plc will post 2.62 EPS for the current year.

Frontline Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 10.74%. The ex-dividend date was Friday, September 13th. Frontline’s dividend payout ratio is presently 86.71%.

Hedge Funds Weigh In On Frontline

Several hedge funds and other institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. boosted its stake in shares of Frontline by 1,281.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 24,556 shares of the shipping company’s stock worth $492,000 after buying an additional 22,778 shares during the last quarter. Optiver Holding B.V. boosted its stake in shares of Frontline by 3,868.9% in the 4th quarter. Optiver Holding B.V. now owns 21,948 shares of the shipping company’s stock worth $440,000 after buying an additional 21,395 shares during the last quarter. Seven Eight Capital LP purchased a new position in shares of Frontline in the 4th quarter worth $750,000. Penn Mutual Asset Management LLC bought a new position in shares of Frontline in the fourth quarter worth about $203,000. Finally, Forest Avenue Capital Management LP lifted its position 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 valued at $21,207,000 after buying an additional 567,900 shares in the last quarter. 22.70% of the stock is owned by institutional investors.

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.