Frontline (NYSE:FRO) Shares Gap Down – Should You Sell?

Frontline plc (NYSE:FRO)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $15.75, but opened at $15.09. Frontline shares last traded at $14.96, with a volume of 979,103 shares changing hands.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FRO. Jefferies Financial Group dropped their price objective 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. Kepler Capital Markets lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target for the company. in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Frontline presently has an average rating of “Moderate Buy” and an average price target of $24.46.

Frontline Stock Performance

The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The stock has a fifty day simple moving average of $16.69 and a 200-day simple moving average of $18.21. The company has a market capitalization of $3.38 billion, a P/E ratio of 6.21 and a beta of -0.04.

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

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 5.26%. Frontline’s dividend payout ratio (DPR) is presently 36.04%.

Hedge Funds Weigh In On Frontline

Several institutional investors have recently bought and sold shares of FRO. Jefferies Financial Group Inc. acquired a new stake in shares of Frontline in the fourth quarter valued at $425,000. Public Employees Retirement System of Ohio lifted its position in Frontline by 10.7% during the 4th quarter. Public Employees Retirement System of Ohio now owns 48,706 shares of the shipping company’s stock worth $671,000 after buying an additional 4,716 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Frontline by 69.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 164,856 shares of the shipping company’s stock worth $2,339,000 after acquiring an additional 67,445 shares during the last quarter. Vident Advisory LLC raised its stake in shares of Frontline by 62.7% in the fourth quarter. Vident Advisory LLC now owns 28,503 shares of the shipping company’s stock worth $404,000 after acquiring an additional 10,982 shares during the last quarter. Finally, Wexford Capital LP acquired a new position in shares of Frontline during the fourth quarter worth approximately $312,000. 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.