Short Interest in Frontline plc (NYSE:FRO) Decreases By 7.3%

Frontline plc (NYSE:FRO) saw a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 7,140,000 shares, a decrease of 7.3% from the October 31st total of 7,700,000 shares. Based on an average daily trading volume, of 2,100,000 shares, the days-to-cover ratio is presently 3.4 days. Currently, 5.0% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Monday, October 7th. StockNews.com raised Frontline to a “sell” rating in a research report on Thursday, September 5th. Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a report on Friday, September 27th. Finally, Jefferies Financial Group restated a “buy” rating and set a $26.00 price target on shares of Frontline in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Frontline currently has an average rating of “Moderate Buy” and an average target price of $27.26.

Frontline Stock Up 8.8 %

Frontline stock traded up $1.38 during midday trading on Tuesday, reaching $17.09. The stock had a trading volume of 6,693,474 shares, compared to its average volume of 1,905,371. Frontline has a 12 month low of $15.54 and a 12 month high of $29.39. The company has a current ratio of 1.43, a quick ratio of 1.38 and a debt-to-equity ratio of 1.44. The firm’s 50-day moving average price is $20.78 and its 200 day moving average price is $23.33.

Frontline (NYSE:FRO) last announced 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). Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company had revenue of $409.72 million for the quarter, compared to the consensus estimate of $383.88 million. During the same quarter in the prior year, the company earned $0.94 earnings per share. On average, research analysts predict that Frontline will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th will be given a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 7.96%. Frontline’s dividend payout ratio (DPR) is presently 101.22%.

Hedge Funds Weigh In On Frontline

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Frontline by 5,319.5% during the first quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company’s stock worth $123,750,000 after purchasing an additional 5,195,312 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Frontline by 7.7% during the 2nd quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company’s stock worth $50,683,000 after acquiring an additional 138,011 shares during the last quarter. Forest Avenue Capital Management LP grew its position in Frontline by 12.7% in the second quarter. Forest Avenue Capital Management LP now owns 1,429,909 shares of the shipping company’s stock worth $36,834,000 after acquiring an additional 161,518 shares in the last quarter. M&G PLC increased its stake in Frontline by 27.2% in the third quarter. M&G PLC now owns 1,110,763 shares of the shipping company’s stock valued at $25,164,000 after acquiring an additional 237,446 shares during the last quarter. Finally, Smead Capital Management Inc. raised its position in Frontline by 5.1% during the third quarter. Smead Capital Management Inc. now owns 670,581 shares of the shipping company’s stock valued at $15,188,000 after purchasing an additional 32,531 shares in the last quarter. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

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.