Frontline (NYSE:FRO) Trading 5.1% Higher - Here's Why

Frontline plc (NYSE:FRO - Get Free Report)'s stock price was up 5.1% during mid-day trading on Monday . The company traded as high as $13.48 and last traded at $13.48. Approximately 1,039,999 shares changed hands during trading, a decline of 55% from the average daily volume of 2,300,677 shares. The stock had previously closed at $12.83.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Kepler Capital Markets set a $12.49 price objective on Frontline in a research note on Thursday, March 27th. Jefferies Financial Group reduced their target price on Frontline from $26.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, December 17th. Two research analysts have rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $23.62.

Frontline Price Performance

The business's 50 day moving average is $15.93 and its 200-day moving average is $17.44. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The firm has a market capitalization of $3.45 billion, a P/E ratio of 6.33 and a beta of 0.20.

Frontline (NYSE:FRO - Get Free Report) last issued its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The company had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. During the same quarter last year, the company posted $0.46 EPS. The company's revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, sell-side analysts predict that Frontline plc will post 1.78 EPS for the current fiscal year.

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Frontline Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.20 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.16%. Frontline's dividend payout ratio (DPR) is currently 36.04%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Cooper Creek Partners Management LLC bought a new stake in Frontline during the 4th quarter worth $41,447,000. Hartree Partners LP grew its holdings in shares of Frontline by 482.6% during the fourth quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company's stock worth $15,047,000 after purchasing an additional 878,885 shares during the last quarter. Mirabella Financial Services LLP acquired a new position in shares of Frontline in the fourth quarter valued at approximately $9,224,000. Marshall Wace LLP raised its holdings in Frontline by 137.2% in the 4th quarter. Marshall Wace LLP now owns 1,090,427 shares of the shipping company's stock valued at $15,473,000 after buying an additional 630,685 shares during the last quarter. Finally, Capital Fund Management S.A. bought a new position in Frontline in the 4th quarter valued at approximately $5,216,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

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.