Frontline (NYSE:FRO) Shares Gap Down – Should You Sell?

Frontline plc (NYSE:FRO) shares gapped down prior to trading on Thursday . The stock had previously closed at $15.75, but opened at $15.09. Frontline shares last traded at $14.96, with a volume of 979,103 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FRO shares. Kepler Capital Markets downgraded 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. Jefferies Financial Group dropped 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 equities research analyst has rated the stock with a sell rating, one has issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $24.46.

Frontline Stock Down 3.5 %

The firm’s 50-day simple moving average is $16.69 and its 200 day simple moving average is $18.21. 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 company has a market cap of $3.38 billion, a P/E ratio of 6.21 and a beta of -0.04.

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

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.20 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.26%. Frontline’s dividend payout ratio is 36.04%.

Institutional Investors Weigh In On Frontline

Several large investors have recently bought and sold shares of FRO. Jones Financial Companies Lllp bought a new position in shares of Frontline during the fourth quarter worth $31,000. Golden State Wealth Management LLC acquired a new stake in Frontline during the 4th quarter worth $84,000. National Bank of Canada FI lifted its holdings in Frontline by 331.8% during the fourth quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company’s stock worth $87,000 after acquiring an additional 4,738 shares in the last quarter. Blue Trust Inc. grew its stake in Frontline by 84.4% in the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock valued at $127,000 after acquiring an additional 4,084 shares during the period. Finally, Vestcor Inc bought a new stake in shares of Frontline in the third quarter worth about $255,000. Institutional investors own 22.70% of the company’s stock.

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.