Frontline (NYSE:FRO) Shares Gap Down – Time to Sell?

Shares of Frontline plc (NYSE:FRO) gapped down before the market opened on Wednesday . The stock had previously closed at $21.24, but opened at $20.25. Frontline shares last traded at $20.32, with a volume of 834,470 shares trading hands.

Wall Street Analyst Weigh In

FRO has been the topic of several research reports. Evercore ISI dropped their price objective on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. Jefferies Financial Group reissued a “buy” rating and set a $30.00 price objective on shares of Frontline in a research report on Friday, August 30th. StockNews.com upgraded shares of Frontline to a “sell” rating in a report on Thursday, September 5th. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research report on Monday, October 7th. Finally, Fearnley Fonds raised Frontline to a “strong-buy” rating in a research report on Friday, September 27th. One analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $28.06.

Frontline Price Performance

The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.40. The company’s fifty day moving average price is $23.14 and its two-hundred day moving average price is $24.36. The company has a market cap of $4.48 billion, a price-to-earnings ratio of 7.04 and a beta of 0.04.

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

Frontline Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 12.32%. The ex-dividend date was Friday, September 13th. Frontline’s payout ratio is currently 86.71%.

Institutional Investors Weigh In On Frontline

A number of hedge funds have recently added to or reduced their stakes in FRO. Godsey & Gibb Inc. bought a new position in shares of Frontline in the third quarter valued at $25,000. Ashton Thomas Private Wealth LLC purchased a new stake in Frontline in the 2nd quarter worth about $31,000. Summit Securities Group LLC raised its position in shares of Frontline by 75.0% in the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after purchasing an additional 600 shares during the period. Blue Trust Inc. lifted its position in shares of Frontline by 17,866.7% during the second quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock worth $56,000 after acquiring an additional 2,144 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in 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 purchasing an additional 4,618 shares during the period. 22.70% of the stock is currently owned by institutional investors.

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.