Frontline plc (NYSE:FRO) Sees Large Increase in Short Interest

Frontline plc (NYSE:FRO - Get Free Report) was the recipient of a large growth in short interest in the month of February. As of February 15th, there was short interest totalling 9,440,000 shares, a growth of 23.6% from the January 31st total of 7,640,000 shares. Based on an average daily volume of 3,430,000 shares, the short-interest ratio is currently 2.8 days. Approximately 6.6% of the company's shares are short sold.

Wall Street Analysts Forecast Growth

FRO has been the topic of several recent analyst reports. Jefferies Financial Group cut their target price 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. Kepler Capital Markets lowered Frontline from a "buy" rating to a "hold" rating and set a $15.83 price target 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 given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Frontline presently has an average rating of "Moderate Buy" and an average target price of $24.46.

Frontline Stock Up 2.6 %

Shares of Frontline stock traded up $0.42 on Friday, hitting $16.61. 2,863,342 shares of the company traded hands, compared to its average volume of 2,177,300. Frontline has a 12-month low of $13.17 and a 12-month high of $29.39. 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 company has a market cap of $3.70 billion, a PE ratio of 6.78 and a beta of -0.04. The company has a 50-day moving average price of $16.68 and a 200 day moving average price of $18.86.

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Frontline (NYSE:FRO - Get Free Report) last issued 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 the consensus estimate of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The business's quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.46 earnings per share. Sell-side analysts predict that Frontline will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FRO. Vanguard Group Inc. increased its position in Frontline by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 5,493,085 shares of the shipping company's stock worth $75,502,000 after buying an additional 51,073 shares during the last quarter. Cooper Creek Partners Management LLC bought a new stake in shares of Frontline during the 4th quarter worth about $41,447,000. Renaissance Technologies LLC increased its holdings in shares of Frontline by 27.5% during the 4th quarter. Renaissance Technologies LLC now owns 1,378,037 shares of the shipping company's stock valued at $19,554,000 after acquiring an additional 297,437 shares during the last quarter. M&G PLC raised its stake in shares of Frontline by 27.2% in the 3rd quarter. M&G PLC now owns 1,110,763 shares of the shipping company's stock valued at $25,164,000 after acquiring an additional 237,446 shares in the last quarter. Finally, Marshall Wace LLP raised its stake in shares of 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 acquiring an additional 630,685 shares in the last quarter. 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.