Short Interest in Frontline plc (NYSE:FRO) Declines By 9.0%

Frontline plc (NYSE:FRO) saw a significant decline in short interest in August. As of August 15th, there was short interest totalling 7,670,000 shares, a decline of 9.0% from the July 31st total of 8,430,000 shares. Approximately 5.4% of the company’s stock are sold short. Based on an average trading volume of 1,350,000 shares, the short-interest ratio is currently 5.7 days.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Evercore ISI cut their price target on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Jefferies Financial Group restated a “buy” rating and set a $30.00 price target on shares of Frontline in a report on Friday. Finally, StockNews.com upgraded shares of Frontline to a “sell” rating in a report on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $27.58.

Hedge Funds Weigh In On Frontline

Institutional investors have recently made changes to their positions in the stock. ICA Group Wealth Management LLC bought a new position in shares of Frontline in the 4th quarter worth $25,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Frontline in the 2nd quarter valued at $31,000. Summit Securities Group LLC boosted its stake in shares of Frontline by 75.0% in the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after purchasing an additional 600 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Frontline by 17,866.7% in the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock valued at $56,000 after purchasing an additional 2,144 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake 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 purchasing an additional 2,469 shares in the last quarter. Institutional investors own 22.70% of the company’s stock.

Frontline Stock Performance

Shares of FRO stock traded down $1.14 during trading on Tuesday, reaching $23.01. 3,043,623 shares of the company’s stock traded hands, compared to its average volume of 1,766,633. The company has a market capitalization of $5.12 billion, a P/E ratio of 8.04 and a beta of 0.03. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 1.59. The firm’s 50-day moving average is $24.10 and its 200 day moving average is $24.50. Frontline has a 1 year low of $15.94 and a 1 year high of $29.39.

Frontline (NYSE:FRO) last posted its earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). The firm had revenue of $409.72 million for the quarter, compared to the consensus estimate of $383.88 million. Frontline had a return on equity of 23.14% and a net margin of 32.94%. During the same period last year, the company posted $0.94 EPS. Equities research analysts expect that Frontline will post 2.62 EPS for the current year.

Frontline Dividend Announcement

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 issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 10.78%. The ex-dividend date is Friday, September 13th. Frontline’s payout ratio is 86.71%.

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.