Frontline (NYSE:FRO) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Frontline PLC (NYSE:FRO)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $28.37 and traded as high as $36.88. Frontline shares last traded at $36.5320, with a volume of 2,068,763 shares.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Clarkson Capital raised shares of Frontline from a “neutral” rating to a “buy” rating in a report on Monday, January 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Frontline in a report on Friday, March 27th. Piper Sandler downgraded shares of Frontline to a “neutral” rating in a report on Friday, February 27th. Wall Street Zen raised shares of Frontline from a “hold” rating to a “buy” rating in a report on Saturday, April 4th. Finally, Evercore downgraded shares of Frontline from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 21st. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Frontline presently has a consensus rating of “Hold” and an average price target of $39.00.

Frontline Price Performance

The firm’s fifty day simple moving average is $34.96 and its 200 day simple moving average is $28.37. The firm has a market cap of $8.23 billion, a P/E ratio of 21.75 and a beta of 0.05. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.19 and a current ratio of 1.43.

Frontline (NYSE:FRO) last released its quarterly earnings data on Saturday, February 28th. The shipping company reported $1.03 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.10). Frontline had a net margin of 19.31% and a return on equity of 16.51%. The company had revenue of $624.51 million for the quarter, compared to the consensus estimate of $456.90 million. During the same period last year, the company earned $0.20 EPS. The firm’s revenue for the quarter was up 46.7% on a year-over-year basis.

Frontline Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Thursday, March 12th were given a dividend of $1.03 per share. The ex-dividend date was Thursday, March 12th. This represents a $4.12 annualized dividend and a dividend yield of 11.1%. This is a positive change from Frontline’s previous quarterly dividend of $0.19. Frontline’s dividend payout ratio is currently 242.35%.

Institutional Trading of Frontline

Several hedge funds have recently made changes to their positions in FRO. Voloridge Investment Management LLC purchased a new stake in shares of Frontline during the 4th quarter valued at about $15,676,000. Balyasny Asset Management L.P. raised its position in Frontline by 44.0% in the 3rd quarter. Balyasny Asset Management L.P. now owns 2,247,120 shares of the shipping company’s stock worth $51,212,000 after purchasing an additional 686,212 shares during the period. Barclays PLC raised its position in Frontline by 256.9% in the 4th quarter. Barclays PLC now owns 826,343 shares of the shipping company’s stock worth $18,031,000 after purchasing an additional 594,811 shares during the period. Forest Avenue Capital Management LP purchased a new stake in Frontline in the 4th quarter worth about $11,917,000. Finally, Skandinaviska Enskilda Banken AB publ raised its position in Frontline by 882.4% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 583,166 shares of the shipping company’s stock worth $12,725,000 after purchasing an additional 523,806 shares during the period. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

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.