Frontline (NYSE:FRO) Trading Down 4.8% – What’s Next?

Frontline plc (NYSE:FRO)’s stock price traded down 4.8% on Tuesday . The stock traded as low as $13.77 and last traded at $13.61. 392,264 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 2,310,832 shares. The stock had previously closed at $14.29.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Kepler Capital Markets set a $12.49 target price on shares of Frontline in a research report on Thursday, March 27th. Jefferies Financial Group dropped their price objective on shares of Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. Two equities research analysts have rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $23.62.

Frontline Trading Down 7.0 %

The business has a fifty day moving average of $16.33 and a 200-day moving average of $17.72. 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 capitalization of $2.96 billion, a P/E ratio of 5.41 and a beta of 0.20.

Frontline (NYSE:FRO) last released its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.20. The firm had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the firm earned $0.46 earnings per share. Analysts anticipate that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 6.02%. The ex-dividend date was Friday, March 14th. Frontline’s dividend payout ratio is currently 36.04%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FRO. IHT Wealth Management LLC grew its holdings in Frontline by 3.5% during the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock worth $359,000 after buying an additional 535 shares in the last quarter. Swiss National Bank grew its stake in shares of Frontline by 0.6% in the 4th quarter. Swiss National Bank now owns 286,612 shares of the shipping company’s stock worth $3,953,000 after acquiring an additional 1,845 shares in the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of Frontline in the fourth quarter valued at about $31,000. Pictet Asset Management Holding SA lifted its position in shares of Frontline by 13.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 19,900 shares of the shipping company’s stock valued at $274,000 after purchasing an additional 2,313 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Frontline by 0.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 530,046 shares of the shipping company’s stock worth $7,526,000 after purchasing an additional 2,576 shares during the last quarter. 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.