Frontline plc (NYSE:FRO) Sees Significant Drop in Short Interest

Frontline plc (NYSE:FRO) was the recipient of a large decrease in short interest in November. As of November 15th, there was short interest totalling 7,140,000 shares, a decrease of 7.3% from the October 31st total of 7,700,000 shares. Based on an average daily trading volume, of 2,100,000 shares, the days-to-cover ratio is presently 3.4 days. Approximately 5.0% of the shares of the stock are sold short.

Institutional Trading of Frontline

Hedge funds and other institutional investors have recently bought and sold shares of the company. Godsey & Gibb Inc. purchased a new stake in shares of Frontline in the third quarter valued at $25,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Frontline during the 2nd quarter worth about $31,000. Summit Securities Group LLC lifted its holdings in shares of Frontline by 75.0% during the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after acquiring an additional 600 shares during the period. Blue Trust Inc. increased its position in Frontline by 17,866.7% during the second quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock worth $56,000 after purchasing an additional 2,144 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in Frontline by 4,965.6% during the second quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock worth $116,000 after purchasing an additional 4,618 shares during the period. 22.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on FRO shares. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a report on Monday, October 7th. StockNews.com upgraded shares of Frontline to a “sell” rating in a report on Thursday, September 5th. Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a report on Friday, September 27th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $26.00 target price on shares of Frontline in a research note on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $27.26.

Frontline Stock Performance

Shares of FRO traded down $0.76 during midday trading on Wednesday, reaching $16.33. 1,901,422 shares of the stock were exchanged, compared to its average volume of 1,904,870. The business’s 50-day moving average price is $20.67 and its 200 day moving average price is $23.25. The company has a market capitalization of $3.64 billion and a price-to-earnings ratio of 6.98. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.38. Frontline has a twelve month low of $15.54 and a twelve month high of $29.39.

Frontline (NYSE:FRO) last announced its earnings results on Wednesday, November 27th. The shipping company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.05). Frontline had a net margin of 25.64% and a return on equity of 19.25%. During the same quarter last year, the firm earned $0.36 earnings per share. On average, sell-side analysts expect that Frontline will post 1.83 EPS for the current fiscal year.

Frontline Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th will be given a $0.34 dividend. The ex-dividend date is Wednesday, December 11th. This represents a $1.36 annualized dividend and a dividend yield of 8.33%. Frontline’s dividend payout ratio is currently 55.51%.

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.