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

Frontline plc (NYSE:FRO) was the target of a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 6,080,000 shares, a growth of 10.3% from the December 15th total of 5,510,000 shares. Based on an average daily volume of 2,820,000 shares, the short-interest ratio is currently 2.2 days. Approximately 4.3% of the shares of the company are sold short.

Analysts Set New Price Targets

Several research firms have issued reports on FRO. BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a report on Monday, October 7th. Fearnley Fonds raised Frontline to a “strong-buy” rating in a research note on Friday, September 27th. Kepler Capital Markets lowered Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective for the company. in a research note on Thursday, December 12th. Finally, 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 research note on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.03.

Frontline Trading Down 0.7 %

Shares of NYSE:FRO traded down $0.13 during trading on Monday, hitting $17.36. The company had a trading volume of 4,011,623 shares, compared to its average volume of 2,416,114. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of 7.09 and a beta of 0.01. Frontline has a one year low of $13.17 and a one year high of $29.39. The company has a fifty day simple moving average of $16.29 and a two-hundred day simple moving average of $20.59. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate 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 prior year, the business earned $0.36 earnings per share. As a group, equities analysts forecast that Frontline will post 1.83 earnings per share for the current year.

Frontline Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 7.83%. The ex-dividend date was Wednesday, December 11th. Frontline’s payout ratio is 55.51%.

Institutional Investors Weigh In On Frontline

Institutional investors have recently modified their holdings of the stock. Godsey & Gibb Inc. bought a new stake in shares of Frontline during the 3rd quarter worth approximately $25,000. Blue Trust Inc. lifted its stake in shares of Frontline by 124.4% during the 3rd 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 during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of 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 acquiring an additional 4,618 shares during the last quarter. U S Global Investors Inc. bought a new stake in shares of Frontline during the 3rd quarter worth approximately $135,000. Finally, Clear Harbor Asset Management LLC bought a new stake in shares of Frontline during the 4th quarter worth approximately $214,000. 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.