Frontline (NYSE:FRO) Shares Gap Down – Here’s What Happened

Frontline plc (NYSE:FRO) shares gapped down before the market opened on Thursday . The stock had previously closed at $15.75, but opened at $15.09. Frontline shares last traded at $14.96, with a volume of 979,103 shares.

Wall Street Analyst Weigh In

A number of analysts have weighed in on FRO shares. Jefferies Financial Group decreased their target price on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. Kepler Capital Markets lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective on the stock. in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.46.

Frontline Stock Performance

The stock has a market capitalization of $3.33 billion, a price-to-earnings ratio of 6.10 and a beta of -0.04. 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 company has a 50 day simple moving average of $16.59 and a 200-day simple moving average of $18.14.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20. The business had revenue of $425.60 million during the quarter, compared to analysts’ expectations of $273.16 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the company posted $0.46 earnings per share. As a group, equities research analysts expect that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.20 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.80 annualized dividend and a yield of 5.35%. Frontline’s payout ratio is currently 36.04%.

Institutional Investors Weigh In On Frontline

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