Frontline (NYSE:FRO) Shares Gap Up to $23.06

Frontline plc (NYSE:FRO) shares gapped up prior to trading on Monday . The stock had previously closed at $23.06, but opened at $23.67. Frontline shares last traded at $23.61, with a volume of 151,962 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FRO. StockNews.com downgraded shares of Frontline from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. Jefferies Financial Group reaffirmed a “buy” rating and set a $30.00 price objective on shares of Frontline in a research report on Thursday, May 30th. Finally, Evercore ISI decreased their target price on Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $27.58.

Frontline Price Performance

The firm has a market cap of $5.28 billion, a price-to-earnings ratio of 8.06 and a beta of 0.03. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.75 and a quick ratio of 1.75. The stock has a 50-day moving average price of $24.73 and a 200 day moving average price of $24.32.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Thursday, May 30th. The shipping company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.24). The firm had revenue of $578.40 million during the quarter, compared to analysts’ expectations of $380.73 million. Frontline had a net margin of 32.94% and a return on equity of 23.14%. Frontline’s quarterly revenue was up 16.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.87 EPS. As a group, equities research analysts forecast that Frontline plc will post 3.06 earnings per share for the current fiscal year.

Frontline Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $0.62 per share. This is an increase from Frontline’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, June 14th. This represents a $2.48 annualized dividend and a dividend yield of 10.46%. Frontline’s dividend payout ratio is 86.71%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Seven Eight Capital LP acquired a new stake in shares of Frontline in the 2nd quarter worth $261,000. Hsbc Holdings PLC lifted its position in Frontline by 7.7% in the second quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company’s stock valued at $50,683,000 after purchasing an additional 138,011 shares during the period. DekaBank Deutsche Girozentrale boosted its holdings in Frontline by 6.3% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 116,988 shares of the shipping company’s stock valued at $3,118,000 after purchasing an additional 6,933 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in Frontline during the 2nd quarter worth approximately $31,000. Finally, TD Asset Management Inc raised its stake in shares of Frontline by 9.7% during the 2nd quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company’s stock worth $258,000 after buying an additional 871 shares in the last quarter. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

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.