Frontline (NYSE:FRO) Hits New 52-Week Low – Here’s Why

Frontline plc (NYSE:FRO) hit a new 52-week low during trading on Tuesday . The stock traded as low as $18.02 and last traded at $18.07, with a volume of 3893948 shares traded. The stock had previously closed at $19.03.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a research report on Monday, October 7th. StockNews.com upgraded Frontline to a “sell” rating in a research report on Thursday, September 5th. Fearnley Fonds upgraded shares of Frontline to a “strong-buy” rating in a report on Friday, September 27th. Finally, Jefferies Financial Group lowered their price target on shares of Frontline from $30.00 to $26.00 and set a “buy” rating for the company in a report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $27.26.

Frontline Stock Down 5.0 %

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 $21.41 and its 200-day moving average price is $23.68. The stock has a market capitalization of $4.02 billion, a PE ratio of 6.79 and a beta of 0.06.

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). Frontline had a return on equity of 19.73% and a net margin of 29.42%. The company had revenue of $409.72 million during the quarter, compared to analysts’ expectations of $383.88 million. During the same period in the prior year, the firm earned $0.94 EPS. Analysts forecast that Frontline plc will post 1.88 earnings per share for the current 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 $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 13.72%. The ex-dividend date was Friday, September 13th. Frontline’s dividend payout ratio is currently 93.23%.

Institutional Trading of Frontline

A number of institutional investors have recently made changes to their positions in FRO. Godsey & Gibb Inc. purchased a new position in shares of Frontline in the 3rd quarter worth $25,000. Ashton Thomas Private Wealth LLC bought a new position in Frontline in the second quarter valued at about $31,000. Summit Securities Group LLC boosted its position in Frontline by 75.0% in the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after purchasing an additional 600 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Frontline by 17,866.7% during the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock valued at $56,000 after purchasing an additional 2,144 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Frontline by 4,965.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock valued at $116,000 after purchasing an additional 4,618 shares during the period. Hedge funds and other 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.