Frontline plc (NYSE:FRO) Short Interest Up 8.0% in November

Frontline plc (NYSE:FRO) saw a large increase in short interest in November. As of November 30th, there was short interest totalling 7,710,000 shares, an increase of 8.0% from the November 15th total of 7,140,000 shares. Based on an average daily trading volume, of 2,430,000 shares, the short-interest ratio is presently 3.2 days. Approximately 5.4% of the shares of the stock are short sold.

Frontline Trading Up 0.1 %

Shares of FRO stock traded up $0.02 during trading hours on Tuesday, reaching $13.83. The company’s stock had a trading volume of 2,979,010 shares, compared to its average volume of 1,991,694. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. Frontline has a one year low of $13.41 and a one year high of $29.39. The stock has a market capitalization of $3.08 billion and a P/E ratio of 5.64. The firm’s fifty day simple moving average is $19.09 and its 200 day simple moving average is $22.39.

Frontline (NYSE:FRO) last released its quarterly earnings results 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 net margin of 25.64% and a return on equity of 19.25%. During the same period in the prior year, the business earned $0.36 EPS. Equities research analysts expect that Frontline will post 1.83 EPS for the current year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.36 annualized dividend and a dividend yield of 9.83%. Frontline’s dividend payout ratio is presently 55.51%.

Wall Street Analyst Weigh In

A number of brokerages have commented on FRO. BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a research note on Monday, October 7th. Jefferies Financial Group decreased their price target on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday. StockNews.com raised Frontline to a “sell” rating in a research note on Thursday, September 5th. Fearnley Fonds raised Frontline to a “strong-buy” rating in a research note on Friday, September 27th. Finally, Kepler Capital Markets lowered Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective on the stock. in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $24.36.

Institutional Investors Weigh In On Frontline

Several hedge funds have recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky boosted its position in shares of Frontline by 3.8% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 143,510 shares of the shipping company’s stock valued at $3,279,000 after purchasing an additional 5,200 shares in the last quarter. Vestcor Inc bought a new stake in Frontline in the third quarter worth $255,000. Public Employees Retirement System of Ohio bought a new stake in Frontline in the third quarter worth $998,000. IHT Wealth Management LLC boosted its holdings in Frontline by 3.5% in the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock worth $359,000 after acquiring an additional 535 shares in the last quarter. Finally, Cinctive Capital Management LP boosted its holdings in Frontline by 120.8% in the third quarter. Cinctive Capital Management LP now owns 104,557 shares of the shipping company’s stock worth $2,389,000 after acquiring an additional 57,206 shares in the last quarter. 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.