Frontline (NYSE:FRO) Trading Down 3% - Here's Why

Shares of Frontline plc (NYSE:FRO - Get Free Report) were down 3% during trading on Monday . The stock traded as low as $19.55 and last traded at $19.62. Approximately 671,306 shares were traded during trading, a decline of 63% from the average daily volume of 1,817,267 shares. The stock had previously closed at $20.23.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. StockNews.com raised Frontline to a "sell" rating in a research note on Thursday, September 5th. Evercore ISI lowered their price target on Frontline from $33.00 to $32.00 and set an "outperform" rating on the stock in a report on Tuesday, July 23rd. Jefferies Financial Group reissued a "buy" rating and issued a $30.00 price objective on shares of Frontline in a research note on Friday, August 30th. Fearnley Fonds raised Frontline to a "strong-buy" rating in a research note on Friday, September 27th. Finally, BTIG Research raised shares of 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 research analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $28.06.

Frontline Stock Down 2.3 %

The firm's 50-day simple moving average is $22.93 and its 200-day simple moving average is $24.32. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market capitalization of $4.40 billion, a price-to-earnings ratio of 6.91 and a beta of 0.04.

Frontline (NYSE:FRO - Get Free Report) last issued its earnings results on Friday, August 30th. The shipping company reported $0.62 EPS for the quarter, missing analysts' consensus estimates of $0.65 by ($0.03). The firm had revenue of $409.72 million during the quarter, compared to analyst estimates of $383.88 million. Frontline had a net margin of 29.42% and a return on equity of 19.73%. During the same quarter in the previous year, the company posted $0.94 earnings per share. Sell-side analysts forecast that Frontline plc will post 2.62 earnings per share for the current year.

Frontline Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 12.55%. The ex-dividend date of this dividend was Friday, September 13th. Frontline's dividend payout ratio (DPR) is currently 86.71%.

Hedge Funds Weigh In On Frontline

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Frontline by 5,319.5% during the first quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company's stock valued at $123,750,000 after purchasing an additional 5,195,312 shares during the last quarter. M&G Plc acquired a new stake in shares of Frontline in the 1st quarter valued at $25,074,000. Forest Avenue Capital Management LP raised its position in shares of Frontline by 12.7% during the second quarter. Forest Avenue Capital Management LP now owns 1,429,909 shares of the shipping company's stock worth $36,834,000 after acquiring an additional 161,518 shares during the last quarter. Hsbc Holdings PLC lifted its stake in shares of Frontline by 7.7% during the second quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company's stock valued at $50,683,000 after acquiring an additional 138,011 shares during the period. Finally, Significant Wealth Partners LLC boosted its holdings in Frontline by 569.6% in the first quarter. Significant Wealth Partners LLC now owns 154,545 shares of the shipping company's stock valued at $3,613,000 after acquiring an additional 131,466 shares during the last quarter. Institutional investors own 22.70% of the company's stock.

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.