Frontline (NYSE:FRO) Shares Gap Up – Time to Buy?

Shares of Frontline plc (NYSE:FRO) gapped up prior to trading on Tuesday . The stock had previously closed at $14.27, but opened at $15.40. Frontline shares last traded at $15.54, with a volume of 2,240,719 shares trading hands.

Analyst Ratings Changes

FRO has been the subject of several recent analyst reports. Kepler Capital Markets lowered 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. 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. Fearnley Fonds raised Frontline to a “strong-buy” rating in a research note on Friday, September 27th. Finally, Jefferies Financial Group lowered their target price on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Frontline currently has an average rating of “Moderate Buy” and an average price target of $24.36.

Frontline Trading Down 0.3 %

The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The company has a market cap of $3.53 billion, a P/E ratio of 6.47 and a beta of 0.01. The business has a 50-day moving average price of $16.51 and a two-hundred day moving average price of $21.01.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Wednesday, November 27th. The shipping company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same period in the prior year, the firm earned $0.36 EPS. On average, analysts predict that Frontline plc will post 1.83 EPS for the current year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were issued a $0.34 dividend. The ex-dividend date was Wednesday, December 11th. This represents a $1.36 annualized dividend and a yield of 8.58%. Frontline’s dividend payout ratio is currently 55.51%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Godsey & Gibb Inc. acquired a new position in Frontline in the third quarter valued at about $25,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Frontline in the 2nd quarter valued at $31,000. EverSource Wealth Advisors LLC increased its position in shares of Frontline by 4,965.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock valued at $116,000 after buying an additional 4,618 shares in the last quarter. Blue Trust Inc. grew its stake in Frontline by 124.4% in the third quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company’s stock valued at $111,000 after acquiring an additional 2,681 shares during the period. Finally, U S Global Investors Inc. bought a new stake in shares of Frontline in the third quarter worth about $135,000. 22.70% of the stock is currently owned by 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.