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

Frontline plc (NYSE:FRO) saw a significant growth in short interest in October. As of October 31st, there was short interest totalling 7,700,000 shares, a growth of 7.4% from the October 15th total of 7,170,000 shares. Based on an average daily volume of 1,920,000 shares, the short-interest ratio is currently 4.0 days. Approximately 5.4% of the shares of the stock are short sold.

Frontline Stock Performance

NYSE:FRO traded up $0.15 during trading hours on Tuesday, hitting $20.33. The stock had a trading volume of 564,916 shares, compared to its average volume of 1,840,646. The business’s 50 day moving average is $21.68 and its 200-day moving average is $23.87. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.40. Frontline has a one year low of $18.26 and a one year high of $29.39.

Frontline (NYSE:FRO) last posted its earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.03). Frontline had a return on equity of 19.73% and a net margin of 29.42%. The business had revenue of $409.72 million for the quarter, compared to the consensus estimate of $383.88 million. During the same quarter in the prior year, the firm posted $0.94 earnings per share. On average, research analysts forecast that Frontline will post 1.88 earnings per share for the current year.

Frontline Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a dividend of $0.62 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 12.20%. Frontline’s payout ratio is 93.23%.

Institutional Investors Weigh In On Frontline

Institutional investors have recently bought and sold shares of the company. International Assets Investment Management LLC bought a new stake in shares of Frontline during the 3rd quarter worth approximately $783,000. Edge Capital Group LLC raised its position in Frontline by 31.8% during the second quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company’s stock worth $10,641,000 after acquiring an additional 99,765 shares in the last quarter. FCG Investment Co acquired a new stake in Frontline in the third quarter valued at $823,000. Sanctuary Advisors LLC bought a new position in shares of Frontline in the 2nd quarter valued at about $548,000. Finally, Vanguard Group Inc. increased its stake in shares of Frontline by 5,319.5% during the 1st quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company’s stock worth $123,750,000 after purchasing an additional 5,195,312 shares during the last quarter. Institutional investors own 22.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on FRO shares. Jefferies Financial Group reduced their price objective on Frontline from $30.00 to $26.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Fearnley Fonds upgraded shares of Frontline to a “strong-buy” rating in a research report on Friday, September 27th. StockNews.com raised shares of Frontline to a “sell” rating in a research note on Thursday, September 5th. BTIG Research raised shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a research note on Monday, October 7th. Finally, Evercore ISI cut their price target on Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $27.26.

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.