Frontline (NYSE:FRO) Shares Down 3.4% – Here’s Why

Frontline PLC (NYSE:FRO) shares were down 3.4% on Thursday . The company traded as low as $22.21 and last traded at $22.1540. Approximately 736,809 shares were traded during trading, a decline of 75% from the average daily volume of 2,907,561 shares. The stock had previously closed at $22.93.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on FRO shares. Evercore ISI increased their price objective on Frontline from $22.00 to $26.00 and gave the stock an “outperform” rating in a report on Tuesday, October 28th. Jefferies Financial Group boosted their price target on Frontline from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, November 21st. BTIG Research raised their price target on Frontline from $25.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, September 17th. Clarkson Capital raised shares of Frontline to a “hold” rating in a report on Monday, November 24th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Frontline in a research note on Monday. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $24.62.

Frontline Trading Down 4.2%

The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.27. The firm has a market capitalization of $4.89 billion, a price-to-earnings ratio of 22.43 and a beta of 0.06. The firm’s 50 day moving average is $23.75 and its 200 day moving average is $21.26.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Friday, November 21st. The shipping company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.04). The company had revenue of $257.04 million for the quarter, compared to analyst estimates of $265.23 million. Frontline had a net margin of 12.23% and a return on equity of 8.89%. During the same quarter last year, the company posted $0.34 EPS. 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 will be paid on Friday, December 19th. Investors of record on Friday, December 12th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Friday, December 12th. This represents a $0.76 dividend on an annualized basis and a yield of 3.5%. Frontline’s dividend payout ratio (DPR) is currently 77.55%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Financial Gravity Companies Inc. acquired a new position in Frontline in the 2nd quarter worth approximately $25,000. SVB Wealth LLC purchased a new position in shares of Frontline during the first quarter valued at $32,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Frontline during the second quarter valued at $33,000. Bayforest Capital Ltd purchased a new stake in Frontline in the 1st quarter worth about $34,000. Finally, Sunbelt Securities Inc. purchased a new stake in Frontline in the 3rd quarter worth about $41,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

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.