Frontline (NYSE:FRO) Shares Down 5.1% – Should You Sell?

Frontline plc (NYSE:FRO)’s share price dropped 5.1% during mid-day trading on Tuesday . The stock traded as low as $16.42 and last traded at $16.47. Approximately 3,574,344 shares were traded during trading, a decline of 29% from the average daily volume of 5,039,623 shares. The stock had previously closed at $17.36.

Analysts Set New Price Targets

Several equities research analysts have commented on FRO shares. Kepler Capital Markets lowered shares of 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 raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a research report on Monday, October 7th. Fearnley Fonds raised Frontline to a “strong-buy” rating in a research report on Friday, September 27th. Finally, Jefferies Financial Group decreased their target price on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $24.03.

Frontline Stock Performance

The firm has a market capitalization of $3.66 billion, a PE ratio of 6.71 and a beta of 0.01. 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 50-day moving average of $16.26 and a 200 day moving average of $20.53.

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

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were given a $0.34 dividend. The ex-dividend date was Wednesday, December 11th. This represents a $1.36 dividend on an annualized basis and a yield of 8.28%. Frontline’s payout ratio is 55.51%.

Hedge Funds Weigh In On Frontline

Several institutional investors and hedge funds have recently made changes to their positions in the business. Godsey & Gibb Inc. bought a new stake in Frontline in the third quarter valued at approximately $25,000. Blue Trust Inc. increased its stake in shares of Frontline by 124.4% in the third quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company’s stock worth $111,000 after buying an additional 2,681 shares during the period. EverSource Wealth Advisors LLC raised its holdings in 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 buying an additional 4,618 shares during the last quarter. U S Global Investors Inc. purchased a new stake in Frontline during the 3rd quarter valued at $135,000. Finally, Clear Harbor Asset Management LLC bought a new stake in Frontline in the 4th quarter worth $214,000. 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.