Frontline (NYSE:FRO) Shares Gap Up – What’s Next?

Frontline plc (NYSE:FRO)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $17.23, but opened at $18.00. Frontline shares last traded at $18.09, with a volume of 1,708,972 shares changing hands.

Wall Street Analysts Forecast Growth

FRO has been the subject of several recent research reports. Kepler Capital Markets downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price for the company. in a research report on Thursday, December 12th. BTIG Research raised shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a research report on Monday, October 7th. Jefferies Financial Group reduced their price target on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. Finally, Fearnley Fonds raised Frontline to a “strong-buy” rating in a report on Friday, September 27th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Frontline currently has an average rating of “Moderate Buy” and an average price target of $24.03.

Frontline Price Performance

The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. The stock’s fifty day simple moving average is $16.39 and its 200-day simple moving average is $20.85. The company has a market capitalization of $4.02 billion, a P/E ratio of 7.38 and a beta of 0.01.

Frontline (NYSE:FRO) last released its earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (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 period last year, the business posted $0.36 earnings per share. On average, equities analysts forecast that Frontline plc will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 7.53%. The ex-dividend date of this dividend was Wednesday, December 11th. Frontline’s payout ratio is presently 55.51%.

Hedge Funds Weigh In On Frontline

A number of hedge funds and other institutional investors have recently made changes to their positions in FRO. Godsey & Gibb Inc. acquired a new position in Frontline in the third quarter valued at about $25,000. Ashton Thomas Private Wealth LLC acquired a new position in Frontline in the second quarter worth $31,000. Blue Trust Inc. grew its holdings in shares of Frontline by 124.4% during the third quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company’s stock worth $111,000 after purchasing an additional 2,681 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Frontline by 4,965.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock worth $116,000 after buying an additional 4,618 shares in the last quarter. Finally, U S Global Investors Inc. bought a new stake in Frontline during the 3rd quarter worth about $135,000. 22.70% of the stock is owned by institutional investors.

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.