Frontline (NYSE:FRO) Shares Gap Down – What’s Next?

Frontline plc (NYSE:FRO) shares gapped down before the market opened on Thursday . The stock had previously closed at $18.70, but opened at $18.25. Frontline shares last traded at $18.20, with a volume of 410,176 shares changing hands.

Analyst Upgrades and Downgrades

FRO has been the subject of a number of research reports. BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a research report on Monday, October 7th. Kepler Capital Markets lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price for the company. in a research report on Thursday, December 12th. Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a report on Friday, September 27th. Finally, Jefferies Financial Group lowered their price target 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Frontline presently has an average rating of “Moderate Buy” and an average target price of $24.03.

Frontline Price Performance

The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The stock has a market cap of $3.87 billion, a P/E ratio of 7.09 and a beta of 0.01. The firm’s fifty day moving average price is $16.29 and its 200-day moving average price is $20.65.

Frontline (NYSE:FRO) last issued its earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same quarter in the prior year, the firm posted $0.36 earnings per share. Analysts forecast that Frontline plc will post 1.83 earnings per share for the current year.

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 7.83%. The ex-dividend date was Wednesday, December 11th. Frontline’s dividend payout ratio (DPR) is currently 55.51%.

Institutional Trading of Frontline

Large investors have recently added to or reduced their stakes in the stock. Godsey & Gibb Inc. bought a new stake in Frontline in the third quarter valued at $25,000. EverSource Wealth Advisors LLC increased its stake in shares of Frontline by 4,965.6% in 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 in the last quarter. Blue Trust Inc. increased its stake in shares of Frontline by 124.4% during the third quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company’s stock valued at $111,000 after purchasing an additional 2,681 shares in the last quarter. U S Global Investors Inc. purchased a new position in Frontline during the third quarter valued at $135,000. Finally, Seven Eight Capital LP purchased a new position in shares of Frontline in the 2nd quarter worth about $261,000. 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.