Frontline (NYSE:FRO) Stock Price Down 5.2% – Here’s What Happened

Frontline plc (NYSE:FRO)’s stock price was down 5.2% on Wednesday . The stock traded as low as $15.76 and last traded at $15.75. Approximately 1,285,258 shares changed hands during trading, a decline of 65% from the average daily volume of 3,658,722 shares. The stock had previously closed at $16.60.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Jefferies Financial Group cut their target price on 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 cut shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective for the company. in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $24.46.

Frontline Stock Down 4.7 %

The firm has a 50 day simple moving average of $16.55 and a two-hundred day simple moving average of $19.04. The stock has a market cap of $3.52 billion and a price-to-earnings ratio of 6.46. 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 data on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.20. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company had revenue of $425.60 million for the quarter, compared to the consensus estimate of $273.16 million. During the same period last year, the company earned $0.46 earnings per share. The firm’s revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts expect that Frontline plc will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.20 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.06%. Frontline’s payout ratio is 36.04%.

Hedge Funds Weigh In On Frontline

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cooper Creek Partners Management LLC bought a new position in shares of Frontline during the 4th quarter worth approximately $41,447,000. Hartree Partners LP lifted its holdings in Frontline by 482.6% during the 4th quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company’s stock valued at $15,047,000 after purchasing an additional 878,885 shares during the last quarter. Mirabella Financial Services LLP bought a new position in Frontline during the fourth quarter worth $9,224,000. Marshall Wace LLP increased its holdings in shares of Frontline by 137.2% in the fourth quarter. Marshall Wace LLP now owns 1,090,427 shares of the shipping company’s stock valued at $15,473,000 after purchasing an additional 630,685 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Frontline by 1,326.2% in the third quarter. The Manufacturers Life Insurance Company now owns 527,470 shares of the shipping company’s stock valued at $12,053,000 after purchasing an additional 490,486 shares during the period. 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.