Frontline (NYSE:FRO) Trading 7.2% Higher – Time to Buy?

Shares of Frontline plc (NYSE:FRO) were up 7.2% on Tuesday . The stock traded as high as $19.08 and last traded at $18.81. Approximately 2,808,133 shares traded hands during trading, a decline of 31% from the average daily volume of 4,071,271 shares. The stock had previously closed at $17.55.

Analysts Set New Price Targets

A number of analysts recently issued reports on FRO shares. Kepler Capital Markets lowered Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective on the stock. in a research note on Thursday, December 12th. Jefferies Financial Group decreased their price target on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.03.

Frontline Stock Down 2.9 %

The company has a market capitalization of $3.99 billion and a P/E ratio of 7.32. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The stock’s fifty day moving average is $15.74 and its 200 day moving average is $20.00.

Frontline (NYSE:FRO) last announced its quarterly 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 in the previous year, the company posted $0.36 EPS. Research analysts predict that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 7.58%. The ex-dividend date was Wednesday, December 11th. Frontline’s payout ratio is currently 55.51%.

Institutional Investors Weigh In On Frontline

Several hedge funds have recently made changes to their positions in FRO. Godsey & Gibb Inc. purchased a new position in shares of Frontline during the third quarter valued at approximately $25,000. Jones Financial Companies Lllp bought a new position in Frontline during the 4th quarter valued at approximately $31,000. Golden State Wealth Management LLC purchased a new position in Frontline during the fourth quarter valued at $84,000. Blue Trust Inc. boosted its holdings in Frontline by 124.4% in the third quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company’s stock worth $111,000 after acquiring an additional 2,681 shares in the last quarter. Finally, U S Global Investors Inc. purchased a new stake in shares of Frontline in the third quarter worth $135,000. 22.70% of the stock is currently owned by institutional investors.

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.