Frontline (NYSE:FRO) Shares Gap Up to $22.37

Frontline plc (NYSE:FRO)’s share price gapped up before the market opened on Monday . The stock had previously closed at $22.37, but opened at $22.92. Frontline shares last traded at $22.90, with a volume of 412,241 shares changing hands.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. StockNews.com upgraded Frontline to a “sell” rating in a report on Thursday, September 5th. Jefferies Financial Group restated a “buy” rating and set a $30.00 price target on shares of Frontline in a research note on Friday, August 30th. Finally, Evercore ISI cut their price target on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. One 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’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $27.58.

Frontline Trading Up 2.7 %

The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market cap of $4.96 billion, a P/E ratio of 7.82 and a beta of 0.04. The company has a 50-day simple moving average of $23.60 and a 200-day simple moving average of $24.45.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.03). The firm had revenue of $409.72 million during the quarter, compared to the consensus estimate of $383.88 million. Frontline had a net margin of 29.42% and a return on equity of 19.73%. During the same quarter in the prior year, the business earned $0.94 EPS. On average, sell-side analysts forecast that Frontline plc will post 2.62 EPS for the current fiscal year.

Frontline Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a yield of 10.80%. Frontline’s dividend payout ratio is presently 86.71%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Ashton Thomas Private Wealth LLC bought a new position in Frontline during the second quarter worth about $31,000. ICA Group Wealth Management LLC bought a new stake in Frontline during the 4th quarter worth approximately $25,000. Summit Securities Group LLC raised its holdings in Frontline by 75.0% during the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after buying an additional 600 shares during the period. Blue Trust Inc. raised its holdings in Frontline by 17,866.7% during the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock worth $56,000 after buying an additional 2,144 shares during the period. Finally, Newbridge Financial Services Group Inc. lifted its stake in Frontline by 150.6% in the first quarter. Newbridge Financial Services Group Inc. now owns 3,619 shares of the shipping company’s stock valued at $85,000 after buying an additional 2,175 shares in the last quarter. Institutional investors own 22.70% of the company’s stock.

About Frontline

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.