Frontline (NYSE:FRO) Shares Gap Up – Here’s Why

Shares of Frontline plc (NYSE:FRO) gapped up prior to trading on Monday . The stock had previously closed at $17.13, but opened at $18.10. Frontline shares last traded at $17.80, with a volume of 1,790,321 shares traded.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on FRO shares. Evercore ISI reduced their target price on shares of Frontline from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 price objective on Frontline in a report on Thursday, March 27th. Two analysts have rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Frontline currently has a consensus rating of “Moderate Buy” and an average price target of $20.62.

Frontline Price Performance

The stock has a market cap of $3.98 billion, a P/E ratio of 7.30 and a beta of 0.24. 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 business’s 50-day simple moving average is $15.47 and its two-hundred day simple moving average is $16.58.

Frontline (NYSE:FRO) last released its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, hitting the consensus estimate 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 during the quarter, compared to the consensus estimate of $273.16 million. During the same period last year, the firm earned $0.46 EPS. Frontline’s revenue for the quarter was up 2.6% on a year-over-year basis. Sell-side analysts expect that Frontline plc will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.47%. The ex-dividend date was Friday, March 14th. Frontline’s dividend payout ratio (DPR) is presently 36.04%.

Institutional Trading of Frontline

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Frontline by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 5,493,085 shares of the shipping company’s stock worth $75,502,000 after purchasing an additional 51,073 shares during the period. Cooper Creek Partners Management LLC purchased a new position in Frontline during the fourth quarter valued at approximately $41,447,000. Renaissance Technologies LLC increased its holdings in Frontline by 27.5% during the 4th quarter. Renaissance Technologies LLC now owns 1,378,037 shares of the shipping company’s stock worth $19,554,000 after acquiring an additional 297,437 shares during the period. Marshall Wace LLP lifted its stake in Frontline by 137.2% in the 4th quarter. Marshall Wace LLP now owns 1,090,427 shares of the shipping company’s stock worth $15,473,000 after purchasing an additional 630,685 shares in the last quarter. Finally, Hartree Partners LP boosted its holdings in Frontline by 482.6% in 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 period. 22.70% of the stock is currently owned by 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.