Short Interest in Frontline plc (NYSE:FRO) Rises By 8.0%

Frontline plc (NYSE:FRO) saw a significant increase in short interest during the month of November. As of November 30th, there was short interest totalling 7,710,000 shares, an increase of 8.0% from the November 15th total of 7,140,000 shares. Approximately 5.4% of the shares of the company are sold short. Based on an average daily trading volume, of 2,430,000 shares, the days-to-cover ratio is presently 3.2 days.

Frontline Price Performance

NYSE FRO traded up $0.02 during trading hours on Tuesday, reaching $13.83. 2,978,760 shares of the company’s stock were exchanged, compared to its average volume of 1,989,855. The firm has a fifty day moving average of $19.09 and a 200-day moving average of $22.39. The stock has a market cap of $3.08 billion and a PE ratio of 5.64. 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 has a one year low of $13.41 and a one year high of $29.39.

Frontline (NYSE:FRO) last released its earnings results on Wednesday, November 27th. The shipping company reported $0.34 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 last year, the firm earned $0.36 earnings per share. On average, equities research analysts predict that Frontline will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th will be paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 9.83%. The ex-dividend date is Wednesday, December 11th. Frontline’s dividend payout ratio (DPR) is 55.51%.

Institutional Trading of Frontline

Institutional investors and hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC acquired a new position in shares of Frontline in the 3rd quarter valued at $783,000. Edge Capital Group LLC lifted its stake in shares of Frontline by 31.8% in the 2nd quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company’s stock valued at $10,641,000 after purchasing an additional 99,765 shares during the period. FCG Investment Co acquired a new position in shares of Frontline in the 3rd quarter valued at $823,000. Sanctuary Advisors LLC acquired a new position in shares of Frontline in the 2nd quarter valued at $548,000. Finally, Commonwealth Equity Services LLC lifted its stake in shares of Frontline by 234.6% in the 2nd quarter. Commonwealth Equity Services LLC now owns 35,116 shares of the shipping company’s stock valued at $905,000 after purchasing an additional 24,620 shares during the period. Institutional investors own 22.70% of the company’s stock.

Analysts Set New Price Targets

FRO has been the subject of a number of research analyst reports. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a report on Friday, September 27th. StockNews.com upgraded Frontline to a “sell” rating in a report on Thursday, September 5th. Kepler Capital Markets lowered Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target for the company. in a report on Thursday, December 12th. BTIG Research upgraded 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. Finally, Jefferies Financial Group cut their target price on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.36.

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.