Frontline (NYSE:FRO) Trading Up 3.9% - Still a Buy?

Frontline plc (NYSE:FRO - Get Free Report)'s share price rose 3.9% during trading on Thursday . The stock traded as high as $16.39 and last traded at $16.41. Approximately 477,858 shares were traded during trading, a decline of 78% from the average daily volume of 2,158,883 shares. The stock had previously closed at $15.79.

Analyst Upgrades and Downgrades

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

Frontline Stock Performance

The company's 50 day moving average price is $16.70 and its 200-day moving average price is $18.80. 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 company has a market cap of $3.37 billion, a PE ratio of 6.19 and a beta of -0.04.

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, hitting the consensus estimate of $0.20. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company had revenue of $425.60 million during the quarter, compared to analyst estimates of $273.16 million. During the same quarter last year, the business posted $0.46 EPS. Frontline's quarterly revenue was up 2.6% compared to the same quarter last year. Equities research analysts anticipate that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Remove Ads

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 5.28%. Frontline's payout ratio is currently 36.04%.

Institutional Investors Weigh In On Frontline

Large investors have recently modified their holdings of the stock. Jones Financial Companies Lllp purchased a new position in Frontline in the 4th quarter valued at approximately $31,000. Golden State Wealth Management LLC purchased a new position in Frontline in the 4th quarter valued at approximately $84,000. National Bank of Canada FI grew its stake in Frontline by 331.8% in the 4th quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company's stock valued at $87,000 after buying an additional 4,738 shares in the last quarter. Blue Trust Inc. grew its stake in Frontline by 84.4% in the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock valued at $127,000 after buying an additional 4,084 shares in the last quarter. Finally, Vestcor Inc purchased a new position in Frontline in the 3rd quarter valued at approximately $255,000. Hedge funds and other 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.