Frontline (NYSE:FRO) Trading Down 5.2% – Here’s Why

Frontline plc (NYSE:FRO) shares traded down 5.2% during trading on Wednesday . The company traded as low as $15.76 and last traded at $15.75. 1,285,258 shares changed hands during trading, a decline of 65% from the average session volume of 3,658,722 shares. The stock had previously closed at $16.60.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on FRO shares. Kepler Capital Markets cut shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective for the company. in a report on Thursday, December 12th. Jefferies Financial Group cut their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Frontline presently has an average rating of “Moderate Buy” and an average price target of $24.46.

Frontline Trading Down 4.7 %

The firm has a 50 day moving average price of $16.55 and a two-hundred day moving average price of $19.04. The firm has a market capitalization of $3.52 billion and a P/E ratio of 6.46. 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 posted its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.20. The firm had revenue of $425.60 million for the quarter, compared to the consensus estimate of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.46 EPS. On average, equities research analysts expect that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 5.06%. Frontline’s payout ratio is presently 36.04%.

Institutional Investors Weigh In On Frontline

Large investors have recently made changes to their positions in the company. Jefferies Financial Group Inc. acquired a new position in Frontline during the fourth quarter valued at approximately $425,000. Public Employees Retirement System of Ohio grew its stake in Frontline by 10.7% in the 4th quarter. Public Employees Retirement System of Ohio now owns 48,706 shares of the shipping company’s stock valued at $671,000 after buying an additional 4,716 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Frontline by 69.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 164,856 shares of the shipping company’s stock worth $2,339,000 after acquiring an additional 67,445 shares during the period. Vident Advisory LLC lifted its position in Frontline by 62.7% during the 4th quarter. Vident Advisory LLC now owns 28,503 shares of the shipping company’s stock worth $404,000 after acquiring an additional 10,982 shares during the last quarter. Finally, Wexford Capital LP bought a new stake in Frontline during the fourth quarter valued at about $312,000. 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.