Frontline (NYSE:FRO) Trading Up 7.6% - Should You Buy?

Frontline plc (NYSE:FRO - Get Free Report)'s stock price traded up 7.6% during trading on Friday . The stock traded as high as $17.35 and last traded at $17.03. 2,211,286 shares were traded during trading, a decline of 41% from the average session volume of 3,764,881 shares. The stock had previously closed at $15.83.

Analysts Set New Price Targets

FRO has been the topic of a number of analyst reports. Jefferies Financial Group dropped their price target on shares of Frontline from $26.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, December 17th. Fearnley Fonds upgraded shares of Frontline to a "strong-buy" rating in a research report on Friday, September 27th. BTIG Research raised shares of Frontline from a "neutral" rating to a "buy" rating and set a $30.00 price target on the stock in a report 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 for the company. in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Frontline has a consensus rating of "Moderate Buy" and a consensus price target of $24.03.

Frontline Price Performance

The firm has a 50 day moving average price of $16.43 and a 200-day moving average price of $20.98. The firm has a market capitalization of $3.84 billion, a P/E ratio of 7.04 and a beta of 0.01. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44.

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

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 7.89%. The ex-dividend date of this dividend was Wednesday, December 11th. Frontline's payout ratio is currently 55.51%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Private Advisor Group LLC increased its position in Frontline by 4.8% during the third quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company's stock worth $243,000 after purchasing an additional 490 shares during the last quarter. IHT Wealth Management LLC raised its holdings in Frontline by 3.5% in the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company's stock valued at $359,000 after acquiring an additional 535 shares in the last quarter. TD Asset Management Inc grew its stake in shares of Frontline by 9.7% during the second quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company's stock worth $258,000 after purchasing an additional 871 shares in the last quarter. Godsey & Gibb Inc. purchased a new stake in Frontline during the third quarter worth approximately $25,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in Frontline during the 2nd quarter worth $31,000. Institutional investors and hedge funds 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.