Frontline (NYSE:FRO) Shares Gap Down - Should You Sell?

Shares of Frontline plc (NYSE:FRO - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $18.70, but opened at $18.25. Frontline shares last traded at $18.20, with a volume of 410,176 shares.

Analysts Set New Price Targets

FRO has been the subject of several analyst reports. Fearnley Fonds upgraded Frontline to a "strong-buy" rating in a research report on Friday, September 27th. Jefferies Financial Group cut their target price on Frontline from $26.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, December 17th. BTIG Research raised Frontline from a "neutral" rating to a "buy" rating and set a $30.00 price target for the company in a research note on Monday, October 7th. Finally, Kepler Capital Markets cut shares of Frontline from a "buy" rating to a "hold" rating and set a $15.83 price objective on the stock. in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Frontline has an average rating of "Moderate Buy" and a consensus target price of $24.03.

Frontline Trading Down 0.7 %

The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. The business has a fifty day moving average of $16.32 and a 200-day moving average of $20.70. The stock has a market capitalization of $3.87 billion, a price-to-earnings ratio of 7.09 and a beta of 0.01.

Frontline (NYSE:FRO - Get Free Report) last released its earnings results on Wednesday, November 27th. The shipping company reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same quarter in the prior year, the company earned $0.36 earnings per share. On average, equities analysts anticipate that Frontline plc will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 7.83%. The ex-dividend date of this dividend was Wednesday, December 11th. Frontline's dividend payout ratio is presently 55.51%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in FRO. Private Advisor Group LLC boosted its position in Frontline by 4.8% during the 3rd quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company's stock worth $243,000 after acquiring an additional 490 shares during the period. IHT Wealth Management LLC lifted its position in shares of Frontline by 3.5% in the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company's stock worth $359,000 after purchasing an additional 535 shares in the last quarter. Godsey & Gibb Inc. acquired a new stake in shares of Frontline during the third quarter worth approximately $25,000. Redhawk Wealth Advisors Inc. boosted its holdings in shares of Frontline by 6.7% during the third quarter. Redhawk Wealth Advisors Inc. now owns 25,675 shares of the shipping company's stock worth $587,000 after purchasing an additional 1,608 shares during the period. Finally, Blue Trust Inc. grew its position in Frontline by 124.4% during the third quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company's stock valued at $111,000 after purchasing an additional 2,681 shares in the last quarter. 22.70% of the stock is owned by hedge funds and other 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.