Frontline (NYSE:FRO) Shares Gap Up – Here’s Why

Frontline plc (NYSE:FRO) shares gapped up before the market opened on Wednesday . The stock had previously closed at $15.81, but opened at $16.50. Frontline shares last traded at $16.62, with a volume of 602,128 shares.

Analyst Upgrades and Downgrades

FRO has been the subject of a number of analyst reports. Kepler Capital Markets cut shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target for the company. in a research note on Thursday, December 12th. Jefferies Financial Group cut their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Frontline has an average rating of “Moderate Buy” and a consensus price target of $24.46.

Frontline Trading Up 5.9 %

The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. The stock has a market cap of $3.73 billion, a P/E ratio of 6.81 and a beta of -0.04. The company has a 50-day simple moving average of $16.83 and a 200-day simple moving average of $18.46.

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

Frontline Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.78%. The ex-dividend date of this dividend is Friday, March 14th. Frontline’s dividend payout ratio is presently 36.04%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of FRO. IHT Wealth Management LLC raised its position in shares of Frontline by 3.5% during the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock worth $359,000 after acquiring an additional 535 shares during the last quarter. Swiss National Bank raised its holdings in Frontline by 0.6% during the 4th quarter. Swiss National Bank now owns 286,612 shares of the shipping company’s stock worth $3,953,000 after purchasing an additional 1,845 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in Frontline during the 4th quarter worth about $31,000. Pictet Asset Management Holding SA raised its holdings in Frontline by 13.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 19,900 shares of the shipping company’s stock worth $274,000 after purchasing an additional 2,313 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Frontline by 0.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 530,046 shares of the shipping company’s stock worth $7,526,000 after purchasing an additional 2,576 shares during the last quarter. 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.