Frontline (NYSE:FRO) Trading Down 3% - Here's What Happened

Frontline plc (NYSE:FRO - Get Free Report) traded down 3% on Monday . The stock traded as low as $15.05 and last traded at $15.04. 498,121 shares were traded during trading, a decline of 79% from the average session volume of 2,351,110 shares. The stock had previously closed at $15.50.

Analyst Upgrades and Downgrades

Separately, Kepler Capital Markets set a $12.49 price target on Frontline in a research report on Thursday, March 27th. Two investment analysts have rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $23.62.

Frontline Stock Performance

The firm has a fifty day moving average price of $15.65 and a two-hundred day moving average price of $17.21. The stock has a market capitalization of $3.43 billion, a PE ratio of 6.30 and a beta of 0.20. 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 - Get Free Report) last posted its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, hitting analysts' consensus estimates of $0.20. The firm had revenue of $425.60 million during the quarter, compared to analysts' expectations of $273.16 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The firm's quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the company posted $0.46 EPS. Research analysts expect that Frontline plc will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.19%. The ex-dividend date was Friday, March 14th. Frontline's dividend payout ratio (DPR) is currently 36.04%.

Hedge Funds Weigh In On Frontline

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Jones Financial Companies Lllp acquired a new stake in shares of Frontline during the 4th quarter worth about $31,000. Golden State Wealth Management LLC acquired a new stake in Frontline during the 4th quarter worth $84,000. National Bank of Canada FI lifted its position in Frontline by 331.8% in the fourth quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company's stock valued at $87,000 after acquiring an additional 4,738 shares during the last quarter. Blue Trust Inc. boosted its stake in Frontline by 84.4% in the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock valued at $127,000 after acquiring an additional 4,084 shares in the last quarter. Finally, Nexpoint Asset Management L.P. purchased a new position in shares of Frontline during the fourth quarter worth about $159,000. Hedge funds and other 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.