Frontline (NYSE:FRO) Stock Price Down 3% – Time to Sell?

Frontline plc (NYSE:FRO)’s stock price was down 3% on Monday . The company traded as low as $15.05 and last traded at $15.04. Approximately 498,121 shares traded hands during trading, a decline of 79% from the average daily volume of 2,351,110 shares. The stock had previously closed at $15.50.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on FRO shares. Kepler Capital Markets set a $12.49 target price on shares of Frontline in a research note on Thursday, March 27th. Jefferies Financial Group reduced their price objective on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research note 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 given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.62.

Frontline Stock Down 3.1 %

The stock has a fifty day simple moving average of $15.79 and a two-hundred day simple moving average of $17.33. The firm has a market cap of $3.23 billion, a PE ratio of 5.93 and a beta of 0.20. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, meeting the consensus estimate of $0.20. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company had revenue of $425.60 million during the quarter, compared to analysts’ expectations of $273.16 million. During the same quarter in the previous year, the company earned $0.46 earnings per share. Frontline’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, sell-side analysts expect that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.20 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 5.51%. Frontline’s payout ratio is currently 36.04%.

Hedge Funds Weigh In On Frontline

Institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its holdings in shares of Frontline by 102.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 43,494 shares of the shipping company’s stock worth $994,000 after purchasing an additional 22,022 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Frontline in the 3rd quarter worth approximately $998,000. Range Financial Group LLC bought a new position in shares of Frontline in the 4th quarter worth $579,000. Harbour Capital Advisors LLC bought a new position in shares of Frontline in the 4th quarter worth $439,000. Finally, Clear Harbor Asset Management LLC purchased a new stake in shares of Frontline during the 4th quarter valued at $214,000. 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.