Short Interest in Frontline plc (NYSE:FRO) Decreases By 6.0%

Frontline plc (NYSE:FRO) was the recipient of a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 7,210,000 shares, a drop of 6.0% from the August 15th total of 7,670,000 shares. Approximately 5.0% of the shares of the company are short sold. Based on an average daily volume of 1,420,000 shares, the days-to-cover ratio is presently 5.1 days.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FRO. Russell Investments Group Ltd. raised its holdings in shares of Frontline by 169.2% in the 4th quarter. Russell Investments Group Ltd. now owns 3,928 shares of the shipping company’s stock valued at $79,000 after buying an additional 2,469 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Frontline during the 4th quarter worth approximately $470,000. PNC Financial Services Group Inc. boosted its position in Frontline by 1,281.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 24,556 shares of the shipping company’s stock valued at $492,000 after buying an additional 22,778 shares during the period. Chesapeake Capital Corp IL acquired a new position in shares of Frontline in the fourth quarter worth $840,000. Finally, Rovida Advisors Inc. purchased a new stake in shares of Frontline during the fourth quarter worth $4,260,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Trading Up 0.1 %

Shares of FRO opened at $23.24 on Wednesday. Frontline has a 12-month low of $16.41 and a 12-month high of $29.39. The firm has a market capitalization of $5.17 billion, a P/E ratio of 8.13 and a beta of 0.04. The firm has a 50-day moving average price of $23.59 and a 200 day moving average price of $24.46. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.03). The firm had revenue of $409.72 million during the quarter, compared to analysts’ expectations of $383.88 million. Frontline had a net margin of 29.42% and a return on equity of 19.73%. During the same period last year, the company earned $0.94 EPS. Sell-side analysts forecast that Frontline will post 2.62 EPS for the current year.

Frontline Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 10.67%. The ex-dividend date of this dividend is Friday, September 13th. Frontline’s dividend payout ratio (DPR) is 86.71%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on FRO shares. StockNews.com upgraded Frontline to a “sell” rating in a research note on Thursday, September 5th. Evercore ISI decreased their target price on Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $30.00 price target on shares of Frontline in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Frontline has an average rating of “Hold” and an average target price of $27.58.

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.