Frontline (NYSE:FRO) Shares Gap Up - Still a Buy?

Frontline plc (NYSE:FRO - Get Free Report)'s stock price gapped up before the market opened on Friday . The stock had previously closed at $17.30, but opened at $18.22. Frontline shares last traded at $17.87, with a volume of 1,098,552 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Kepler Capital Markets cut Frontline from a "buy" rating to a "hold" rating and set a $15.83 target price for the company. in a research note on Thursday, December 12th. Jefferies Financial Group lowered their price objective on shares of Frontline from $26.00 to $20.00 and set a "buy" rating for the company in a research report on Tuesday, December 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $24.03.

Frontline Trading Down 0.0 %

The firm has a market cap of $3.93 billion and a P/E ratio of 7.21. 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's 50-day moving average is $16.06 and its two-hundred day moving average is $19.55.

Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business earned $0.36 EPS. As a group, analysts predict that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were paid a $0.34 dividend. The ex-dividend date of this dividend was Wednesday, December 11th. This represents a $1.36 annualized dividend and a yield of 7.70%. Frontline's dividend payout ratio (DPR) is currently 55.51%.

Hedge Funds Weigh In On Frontline

A number of institutional investors have recently bought and sold shares of the business. International Assets Investment Management LLC bought a new position in shares of Frontline during the 3rd quarter worth approximately $783,000. Range Financial Group LLC acquired a new stake in Frontline during the 4th quarter valued at $579,000. Charles Schwab Investment Management Inc. boosted its position in Frontline by 102.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 43,494 shares of the shipping company's stock worth $994,000 after purchasing an additional 22,022 shares during the period. Clear Harbor Asset Management LLC bought a new stake in shares of Frontline during the 4th quarter worth about $214,000. Finally, Harbour Capital Advisors LLC acquired a new position in Frontline in the 4th quarter valued at about $439,000. Institutional investors and hedge funds 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.