Traders Purchase High Volume of Frontline Put Options (NYSE:FRO)

Frontline PLC (NYSE:FRO) saw some unusual options trading on Wednesday. Traders acquired 3,995 put options on the stock. This is an increase of approximately 8% compared to the average volume of 3,690 put options.

Frontline Stock Performance

Frontline stock opened at $33.30 on Thursday. The stock has a fifty day moving average price of $25.50 and a 200 day moving average price of $23.63. Frontline has a 52 week low of $12.40 and a 52 week high of $33.54. The firm has a market capitalization of $7.41 billion, a P/E ratio of 33.97 and a beta of 0.07. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 1.27.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Friday, November 21st. The shipping company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.04). Frontline had a return on equity of 8.89% and a net margin of 12.23%.The business had revenue of $257.04 million during the quarter, compared to analyst estimates of $265.23 million. During the same period in the previous year, the business posted $0.34 earnings per share. Equities research analysts anticipate that Frontline will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 12th were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Friday, December 12th. Frontline’s payout ratio is presently 77.55%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Jefferies Financial Group lifted their price target on Frontline from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, November 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Frontline in a report on Monday, December 29th. Evercore increased their price target on shares of Frontline from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, October 28th. BTIG Research lifted their price objective on Frontline from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, February 4th. Finally, Clarkson Capital upgraded Frontline from a “neutral” rating to a “buy” rating in a report on Monday, January 12th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $25.87.

Hedge Funds Weigh In On Frontline

Hedge funds have recently made changes to their positions in the stock. Financial Gravity Companies Inc. purchased a new position in shares of Frontline in the 2nd quarter worth $25,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Frontline during the fourth quarter worth about $25,000. Sunbelt Securities Inc. purchased a new position in shares of Frontline in the 3rd quarter worth about $41,000. Sound Income Strategies LLC purchased a new position in shares of Frontline in the 4th quarter worth about $53,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in shares of Frontline by 3,353.0% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 4,627 shares of the shipping company’s stock valued at $76,000 after purchasing an additional 4,493 shares in the last quarter. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Company Profile

Frontline Ltd. (NYSE:FRO) is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company’s core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline’s fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.