Frontline plc (NYSE:FRO) Short Interest Up 7.4% in October

Frontline plc (NYSE:FRO) was the recipient of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 7,700,000 shares, a growth of 7.4% from the October 15th total of 7,170,000 shares. Based on an average trading volume of 1,920,000 shares, the days-to-cover ratio is presently 4.0 days. Approximately 5.4% of the shares of the stock are sold short.

Institutional Trading of Frontline

Large investors have recently modified their holdings of the stock. Godsey & Gibb Inc. acquired a new stake in shares of Frontline during the 3rd quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Frontline during the 2nd quarter worth approximately $31,000. Summit Securities Group LLC grew its position in shares of Frontline by 75.0% during the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after buying an additional 600 shares during the period. Blue Trust Inc. grew its position in shares of Frontline by 17,866.7% during the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock worth $56,000 after buying an additional 2,144 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of Frontline by 4,965.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock worth $116,000 after buying an additional 4,618 shares during the period. Institutional investors and hedge funds own 22.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Jefferies Financial Group dropped their target price on shares of Frontline from $30.00 to $26.00 and set a “buy” rating for the company in a report on Thursday, November 14th. BTIG Research raised shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a report on Monday, October 7th. Evercore ISI dropped their target price on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. StockNews.com raised shares of Frontline to a “sell” rating in a report on Thursday, September 5th. Finally, Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.26.

Frontline Trading Up 5.0 %

Shares of NYSE FRO opened at $20.19 on Tuesday. The company has a 50 day simple moving average of $21.68 and a 200 day simple moving average of $23.87. Frontline has a 1 year low of $18.26 and a 1 year high of $29.39. 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 issued its quarterly earnings data on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). The business had revenue of $409.72 million during the quarter, compared to the consensus estimate of $383.88 million. Frontline had a net margin of 29.42% and a return on equity of 19.73%. During the same quarter last year, the business earned $0.94 EPS. Equities research analysts anticipate that Frontline will post 1.88 EPS for the current fiscal year.

Frontline Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 12.29%. The ex-dividend date was Friday, September 13th. Frontline’s dividend payout ratio (DPR) is 93.23%.

About Frontline

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.