Frontline (NYSE:FRO) Stock Price Up 6.4%

Frontline plc (NYSE:FRO) shares were up 6.4% during mid-day trading on Monday . The company traded as high as $25.58 and last traded at $25.49. Approximately 1,525,360 shares traded hands during trading, a decline of 17% from the average daily volume of 1,839,792 shares. The stock had previously closed at $23.96.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FRO. Jefferies Financial Group restated a “buy” rating and issued a $30.00 target price on shares of Frontline in a research note on Thursday, May 30th. StockNews.com cut shares of Frontline from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st.

Frontline Stock Performance

The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 1.59. The firm has a market capitalization of $5.69 billion, a price-to-earnings ratio of 8.83 and a beta of 0.03. The stock has a fifty day moving average price of $25.98 and a 200-day moving average price of $24.11.

Frontline (NYSE:FRO) last released its quarterly earnings data on Thursday, May 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.24). Frontline had a return on equity of 23.14% and a net margin of 32.94%. The company had revenue of $578.40 million for the quarter, compared to analyst estimates of $380.73 million. During the same quarter in the prior year, the company earned $0.87 earnings per share. The business’s revenue was up 16.3% compared to the same quarter last year. As a group, analysts anticipate that Frontline plc will post 3.43 earnings per share for the current fiscal year.

Frontline Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.62 dividend. The ex-dividend date was Friday, June 14th. This is a positive change from Frontline’s previous quarterly dividend of $0.37. This represents a $2.48 dividend on an annualized basis and a yield of 9.71%. Frontline’s payout ratio is 86.71%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in 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 acquiring an additional 5,195,312 shares during the last quarter. M&G Investment Management Ltd. bought a new stake in shares of Frontline during the fourth quarter worth $27,883,000. M&G Plc bought a new stake in shares of Frontline during the first quarter worth $25,074,000. Forest Avenue Capital Management LP increased its stake in shares of Frontline by 115.9% in the fourth quarter. Forest Avenue Capital Management LP now owns 1,057,691 shares of the shipping company’s stock valued at $21,207,000 after buying an additional 567,900 shares in the last quarter. Finally, Smead Capital Management Inc. raised its holdings in shares of Frontline by 2.7% in the fourth quarter. Smead Capital Management Inc. now owns 500,827 shares of the shipping company’s stock valued at $10,002,000 after buying an additional 13,376 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.