Frontline (NYSE:FRO) Shares Gap Up - What's Next?

Frontline plc (NYSE:FRO - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $17.23, but opened at $18.00. Frontline shares last traded at $18.09, with a volume of 1,708,972 shares traded.

Wall Street Analysts Forecast Growth

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

Frontline Stock Up 6.6 %

The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The stock has a market cap of $4.09 billion, a P/E ratio of 7.49 and a beta of 0.01. The firm has a 50-day simple moving average of $16.39 and a two-hundred day simple moving average of $20.85.

Frontline (NYSE:FRO - Get Free Report) last released its quarterly 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 business earned $0.36 EPS. Equities research analysts expect that Frontline plc will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 7.41%. The ex-dividend date was Wednesday, December 11th. Frontline's dividend payout ratio (DPR) is currently 55.51%.

Hedge Funds Weigh In On Frontline

A number of hedge funds have recently added to or reduced their stakes in FRO. Harbour Capital Advisors LLC acquired a new stake in shares of Frontline during the 4th quarter worth $439,000. Range Financial Group LLC acquired a new stake in Frontline during the fourth quarter worth about $579,000. Teachers Retirement System of The State of Kentucky increased its holdings in Frontline by 3.8% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 143,510 shares of the shipping company's stock valued at $3,279,000 after buying an additional 5,200 shares during the period. Vestcor Inc bought a new position in Frontline in the 3rd quarter valued at about $255,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Frontline in the 3rd quarter valued at approximately $998,000. Institutional investors own 22.70% of the company's stock.

About Frontline

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.