Frontline (NYSE:FRO) Shares Down 5.2% - Time to Sell?

Frontline plc (NYSE:FRO - Get Free Report) shares dropped 5.2% during trading on Wednesday . The stock traded as low as $15.76 and last traded at $15.75. Approximately 1,285,258 shares changed hands during trading, a decline of 65% from the average daily volume of 3,658,722 shares. The stock had previously closed at $16.60.

Analyst Upgrades and Downgrades

FRO has been the topic of several recent analyst reports. Jefferies Financial Group dropped their target price on Frontline from $26.00 to $20.00 and set a "buy" rating on the stock in a research report on Tuesday, December 17th. Kepler Capital Markets cut Frontline from a "buy" rating to a "hold" rating and set a $15.83 target price on the stock. in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $24.46.

Frontline Trading Up 2.6 %

The firm has a market cap of $3.70 billion, a price-to-earnings ratio of 6.78 and a beta of -0.04. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. The business has a fifty day moving average of $16.68 and a two-hundred day moving average of $18.86.

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

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Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.82%. The ex-dividend date of this dividend is Friday, March 14th. Frontline's dividend payout ratio is presently 36.04%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in FRO. Jones Financial Companies Lllp purchased a new position in shares of Frontline in the 4th quarter worth $31,000. Golden State Wealth Management LLC purchased a new position in shares of Frontline in the 4th quarter worth $84,000. National Bank of Canada FI raised its position in shares of Frontline by 331.8% in the 4th quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company's stock worth $87,000 after buying an additional 4,738 shares during the period. Blue Trust Inc. raised its position in shares of Frontline by 84.4% in the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock worth $127,000 after buying an additional 4,084 shares during the period. Finally, Nexpoint Asset Management L.P. purchased a new position in shares of Frontline in the 4th quarter worth $159,000. 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.