Frontline plc (NYSE:FRO - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $21.24, but opened at $20.25. Frontline shares last traded at $20.32, with a volume of 834,470 shares trading hands.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on FRO shares. Evercore ISI lowered their target price on shares of Frontline from $33.00 to $32.00 and set an "outperform" rating on the stock in a report on Tuesday, July 23rd. StockNews.com upgraded Frontline to a "sell" rating in a research note on Thursday, September 5th. Fearnley Fonds raised Frontline to a "strong-buy" rating in a report on Friday, September 27th. Jefferies Financial Group reaffirmed a "buy" rating and set a $30.00 target price on shares of Frontline in a report on Friday, August 30th. Finally, BTIG Research upgraded Frontline from a "neutral" rating to a "buy" rating and set a $30.00 price target for the company in a research report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $28.06.
Check Out Our Latest Research Report on Frontline
Frontline Stock Down 5.3 %
The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40. The firm has a market cap of $4.48 billion, a P/E ratio of 7.03 and a beta of 0.04. The company's 50 day simple moving average is $23.31 and its 200-day simple moving average is $24.42.
Frontline (NYSE:FRO - Get Free Report) last released its earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.03). The business had revenue of $409.72 million for the quarter, compared to analysts' expectations of $383.88 million. Frontline had a return on equity of 19.73% and a net margin of 29.42%. During the same quarter in the prior year, the business posted $0.94 EPS. Research analysts forecast that Frontline plc will post 2.62 earnings per share for the current fiscal year.
Frontline Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 12.33%. The ex-dividend date of this dividend was Friday, September 13th. Frontline's dividend payout ratio is currently 86.71%.
Institutional Investors Weigh In On Frontline
A number of institutional investors and hedge funds have recently bought and sold shares of FRO. PNC Financial Services Group Inc. raised its position in shares of Frontline by 1,281.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 24,556 shares of the shipping company's stock valued at $492,000 after purchasing an additional 22,778 shares during the last quarter. Banque Cantonale Vaudoise raised its stake in shares of Frontline by 56.6% in the 1st quarter. Banque Cantonale Vaudoise now owns 5,604 shares of the shipping company's stock valued at $130,000 after acquiring an additional 2,026 shares during the period. Kovack Advisors Inc. purchased a new stake in Frontline during the first quarter worth about $440,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Frontline in the 1st quarter valued at about $1,452,000. Finally, Quantbot Technologies LP raised its stake in Frontline by 184.8% in the first quarter. Quantbot Technologies LP now owns 95,861 shares of the shipping company's stock valued at $2,241,000 after buying an additional 62,206 shares in the last quarter. 22.70% of the stock is owned by institutional investors.
Frontline Company Profile
(
Get Free Report)
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.
Further Reading
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