Frontline (NYSE:FRO) Shares Down 6.4% – What’s Next?

Frontline PLC (NYSE:FRO) shares were down 6.4% during mid-day trading on Friday . The company traded as low as $36.04 and last traded at $36.00. Approximately 1,813,653 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 3,607,385 shares. The stock had previously closed at $38.47.

Wall Street Analyst Weigh In

A number of analysts have recently commented on FRO shares. Dnb Carnegie cut shares of Frontline from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. Weiss Ratings upgraded shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Danske cut shares of Frontline to a “hold” rating in a research report on Tuesday, May 26th. Evercore lowered shares of Frontline from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 21st. Finally, Piper Sandler cut shares of Frontline to a “neutral” rating in a report on Friday, February 27th. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $41.62.

Frontline Price Performance

The firm has a fifty day moving average price of $37.19 and a two-hundred day moving average price of $32.08. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $7.93 billion, a P/E ratio of 8.75 and a beta of 0.02.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Friday, May 22nd. The shipping company reported $1.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.03). The firm had revenue of $714.24 million during the quarter, compared to the consensus estimate of $579.59 million. Frontline had a return on equity of 27.80% and a net margin of 36.70%.The business’s revenue for the quarter was up 66.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.18 EPS.

Frontline Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th were issued a dividend of $1.55 per share. The ex-dividend date was Friday, June 12th. This is a positive change from Frontline’s previous quarterly dividend of $1.03. This represents a $6.20 dividend on an annualized basis and a dividend yield of 17.4%. Frontline’s dividend payout ratio is currently 152.71%.

Institutional Investors Weigh In On Frontline

Several institutional investors and hedge funds have recently made changes to their positions in FRO. University of Texas Texas AM Investment Management Co. bought a new position in Frontline in the 4th quarter valued at approximately $25,000. Assetmark Inc. increased its holdings in shares of Frontline by 278.6% in the 1st quarter. Assetmark Inc. now owns 973 shares of the shipping company’s stock worth $34,000 after purchasing an additional 716 shares in the last quarter. Sunbelt Securities Inc. purchased a new position in shares of Frontline in the third quarter worth $41,000. Parallel Advisors LLC raised its stake in shares of Frontline by 58.9% in the first quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock worth $46,000 after purchasing an additional 486 shares during the last quarter. Finally, NFSG Corp lifted its holdings in shares of Frontline by 50.0% during the first quarter. NFSG Corp now owns 1,500 shares of the shipping company’s stock valued at $52,000 after purchasing an additional 500 shares in the last quarter. Institutional investors own 22.70% of the company’s stock.

Frontline Company Profile

Frontline Ltd. (NYSE:FRO) is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company’s core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline’s fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.