Frontline (NYSE:FRO) Stock Price Up 7.2% – Here’s What Happened

Frontline plc (NYSE:FRO)’s share price rose 7.2% during trading on Tuesday . The company traded as high as $19.08 and last traded at $18.81. Approximately 2,808,133 shares were traded during mid-day trading, a decline of 31% from the average daily volume of 4,071,271 shares. The stock had previously closed at $17.55.

Analysts Set New Price Targets

FRO has been the subject of several recent analyst reports. Kepler Capital Markets downgraded Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target on the stock. in a report on Thursday, December 12th. Jefferies Financial Group decreased their target price on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $24.03.

Frontline Trading Down 2.9 %

The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The stock has a market capitalization of $3.99 billion and a PE ratio of 7.32. The stock has a 50 day moving average price of $15.74 and a 200-day moving average price of $20.00.

Frontline (NYSE:FRO) last announced its earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (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 in the previous year, the firm earned $0.36 earnings per share. Sell-side analysts expect that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th were given a $0.34 dividend. The ex-dividend date was Wednesday, December 11th. This represents a $1.36 annualized dividend and a yield of 7.58%. Frontline’s payout ratio is presently 55.51%.

Institutional Trading of Frontline

Several hedge funds have recently bought and sold shares of FRO. Private Advisor Group LLC boosted its stake in shares of Frontline by 4.8% in the third quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company’s stock worth $243,000 after acquiring an additional 490 shares during the period. IHT Wealth Management LLC lifted its holdings in Frontline by 3.5% in the 3rd quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock worth $359,000 after purchasing an additional 535 shares in the last quarter. Godsey & Gibb Inc. purchased a new position in Frontline in the 3rd quarter worth approximately $25,000. Redhawk Wealth Advisors Inc. boosted its stake in Frontline by 6.7% in the 3rd quarter. Redhawk Wealth Advisors Inc. now owns 25,675 shares of the shipping company’s stock worth $587,000 after purchasing an additional 1,608 shares during the period. Finally, Jones Financial Companies Lllp purchased a new stake in Frontline during the 4th quarter valued at approximately $31,000. 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.