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

Shares of Frontline plc (NYSE:FRO) gapped up prior to trading on Wednesday . The stock had previously closed at $15.81, but opened at $16.50. Frontline shares last traded at $16.62, with a volume of 602,128 shares changing hands.

Analysts Set New Price Targets

A number of research firms have issued reports on FRO. Jefferies Financial Group reduced their price target on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, December 17th. Kepler Capital Markets downgraded Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective on the stock. in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, one has assigned 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.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.46.

Frontline Trading Up 1.7 %

The firm has a market cap of $3.76 billion, a PE ratio of 6.90 and a beta of -0.04. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The business has a fifty day moving average price of $16.87 and a 200 day moving average price of $18.43.

Frontline (NYSE:FRO) last released its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.20. The firm had revenue of $425.60 million for the quarter, compared to the consensus estimate of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.46 EPS. Analysts forecast that Frontline plc will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 4.73%. Frontline’s dividend payout ratio is presently 36.04%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. purchased a new position in Frontline during the 4th quarter worth approximately $341,000. Private Advisor Group LLC grew its stake in Frontline by 164.0% during the 4th quarter. Private Advisor Group LLC now owns 28,053 shares of the shipping company’s stock worth $398,000 after buying an additional 17,428 shares during the last quarter. Range Financial Group LLC purchased a new position in Frontline during the 4th quarter worth approximately $579,000. Charles Schwab Investment Management Inc. grew its stake in shares of Frontline by 102.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 43,494 shares of the shipping company’s stock valued at $994,000 after purchasing an additional 22,022 shares during the last quarter. Finally, Clear Harbor Asset Management LLC purchased a new position in shares of Frontline in the 4th quarter valued at approximately $214,000. 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.