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

Frontline plc (NYSE:FRO)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $17.23, but opened at $18.00. Frontline shares last traded at $18.09, with a volume of 1,708,972 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on FRO shares. Kepler Capital Markets lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price on the stock. in a report on Thursday, December 12th. BTIG Research raised shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a research note on Monday, October 7th. Jefferies Financial Group lowered their target price on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. Finally, Fearnley Fonds upgraded 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, two have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Frontline has an average rating of “Moderate Buy” and a consensus target price of $24.03.

Frontline Price Performance

The firm has a market cap of $4.02 billion, a price-to-earnings ratio of 7.38 and a beta of 0.01. The business’s 50-day moving average price is $16.39 and its two-hundred day moving average price is $20.85. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same period last year, the company earned $0.36 earnings per share. On average, research analysts forecast that Frontline plc will post 1.83 EPS for the current fiscal year.

Frontline Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 7.53%. The ex-dividend date was Wednesday, December 11th. Frontline’s dividend payout ratio (DPR) is presently 55.51%.

Institutional Trading of Frontline

Several hedge funds have recently made changes to their positions in the stock. Godsey & Gibb Inc. acquired a new stake in Frontline during the 3rd quarter worth about $25,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Frontline during the second quarter valued at approximately $31,000. EverSource Wealth Advisors LLC boosted its stake in Frontline by 4,965.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock worth $116,000 after purchasing an additional 4,618 shares during the period. Blue Trust Inc. grew its position in Frontline by 124.4% during the 3rd quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company’s stock worth $111,000 after purchasing an additional 2,681 shares in the last quarter. Finally, U S Global Investors Inc. acquired a new stake in Frontline during the 3rd quarter valued at $135,000. 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.