Frontline (NYSE:FRO) Trading 5.1% Higher – Still a Buy?

Frontline plc (NYSE:FRO)’s stock price traded up 5.1% on Monday . The company traded as high as $13.48 and last traded at $13.48. 1,039,999 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 2,300,677 shares. The stock had previously closed at $12.83.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FRO. Kepler Capital Markets set a $12.49 price target on shares of Frontline in a report on Thursday, March 27th. Jefferies Financial Group dropped their target price on shares of Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. Two research 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, Frontline has an average rating of “Moderate Buy” and a consensus target price of $23.62.

Frontline Stock Up 11.3 %

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 cap of $3.18 billion, a P/E ratio of 5.83 and a beta of 0.20. The company’s 50 day moving average price is $16.37 and its two-hundred day moving average price is $17.78.

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

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 5.60%. The ex-dividend date of this dividend was Friday, March 14th. Frontline’s dividend payout ratio is presently 36.04%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Jones Financial Companies Lllp bought a new position in shares of Frontline during the 4th quarter valued at approximately $31,000. Golden State Wealth Management LLC bought a new position in shares of Frontline in the fourth quarter worth approximately $84,000. National Bank of Canada FI increased its stake in shares of Frontline by 331.8% in the fourth quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company’s stock worth $87,000 after purchasing an additional 4,738 shares in the last quarter. Blue Trust Inc. raised its position in shares of Frontline by 84.4% during the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock valued at $127,000 after purchasing an additional 4,084 shares during the period. Finally, Nexpoint Asset Management L.P. bought a new stake in shares of Frontline during the 4th quarter valued at $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.