Frontline (NYSE:FRO) Shares Up 7.6% – What’s Next?

Frontline plc (NYSE:FRO) shares shot up 7.6% on Friday . The stock traded as high as $17.35 and last traded at $17.03. 2,211,286 shares were traded during trading, a decline of 41% from the average session volume of 3,764,881 shares. The stock had previously closed at $15.83.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a research report on Monday, October 7th. Kepler Capital Markets cut shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target for the company. in a research report on Thursday, December 12th. Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a research note on Friday, September 27th. Finally, Jefferies Financial Group decreased their price target 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, two have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Frontline currently has an average rating of “Moderate Buy” and an average target price of $24.03.

Frontline Stock Performance

The firm has a market cap of $3.86 billion, a price-to-earnings ratio of 7.07 and a beta of 0.01. The stock’s fifty day moving average is $16.43 and its two-hundred day moving average is $20.98. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Wednesday, November 27th. The shipping company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates 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 quarter in the prior year, the firm earned $0.36 EPS. On average, analysts expect that Frontline plc will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were issued a $0.34 dividend. The ex-dividend date was Wednesday, December 11th. This represents a $1.36 dividend on an annualized basis and a yield of 7.85%. Frontline’s dividend payout ratio is currently 55.51%.

Institutional Trading of Frontline

Large investors have recently bought and sold shares of the stock. Godsey & Gibb Inc. acquired a new position in shares of Frontline during the 3rd quarter worth about $25,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Frontline in the second quarter valued at approximately $31,000. EverSource Wealth Advisors LLC lifted its holdings 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 period. Blue Trust Inc. raised its stake in Frontline by 124.4% during the third 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 in the last quarter. Finally, U S Global Investors Inc. acquired a new stake in Frontline in the third quarter valued at approximately $135,000. 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.