Frontline (NYSE:FRO) Stock Price Up 3.9% – Here’s What Happened

Frontline plc (NYSE:FRO)’s share price shot up 3.9% on Thursday . The company traded as high as $16.39 and last traded at $16.41. 477,858 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 2,158,883 shares. The stock had previously closed at $15.79.

Wall Street Analysts Forecast Growth

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

Frontline Stock Up 2.4 %

The business has a fifty day simple moving average of $16.55 and a 200 day simple moving average of $19.04. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. The firm has a market cap of $3.60 billion and a price-to-earnings ratio of 6.60.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.20. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The firm had revenue of $425.60 million during the quarter, compared to analyst estimates of $273.16 million. During the same quarter in the prior year, the firm posted $0.46 earnings per share. Frontline’s quarterly revenue was up 2.6% on a year-over-year basis. As a group, equities analysts forecast that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid 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 4.95%. Frontline’s dividend payout ratio (DPR) is presently 36.04%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC acquired a new position in Frontline in the third quarter valued at approximately $783,000. Range Financial Group LLC acquired a new stake in shares of Frontline during the fourth quarter worth $579,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Frontline by 102.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 43,494 shares of the shipping company’s stock valued at $994,000 after acquiring an additional 22,022 shares in the last quarter. Clear Harbor Asset Management LLC purchased a new stake in Frontline in the 4th quarter valued at approximately $214,000. Finally, Harbour Capital Advisors LLC purchased a new stake in shares of Frontline in the fourth quarter valued at approximately $439,000. 22.70% of the stock is owned by institutional investors and hedge funds.

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.