Short Interest in Frontline plc (NYSE:FRO) Grows By 10.3%

Frontline plc (NYSE:FRO - Get Free Report) was the target of a large increase in short interest in December. As of December 31st, there was short interest totalling 6,080,000 shares, an increase of 10.3% from the December 15th total of 5,510,000 shares. Based on an average daily trading volume, of 2,820,000 shares, the days-to-cover ratio is currently 2.2 days. Currently, 4.3% of the shares of the stock are sold short.

Institutional Investors Weigh In On Frontline

Hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC increased its holdings in Frontline by 148.3% during the 4th quarter. SG Americas Securities LLC now owns 33,121 shares of the shipping company's stock worth $470,000 after purchasing an additional 19,783 shares in the last quarter. Clear Harbor Asset Management LLC acquired a new position in shares of Frontline during the fourth quarter worth about $214,000. Harbour Capital Advisors LLC bought a new position in shares of Frontline during the fourth quarter worth about $439,000. Range Financial Group LLC acquired a new stake in Frontline in the 4th quarter valued at approximately $579,000. Finally, Teachers Retirement System of The State of Kentucky lifted its stake in Frontline by 3.8% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 143,510 shares of the shipping company's stock valued at $3,279,000 after acquiring an additional 5,200 shares in the last quarter. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Trading Down 0.7 %

Shares of NYSE FRO traded down $0.13 during midday trading on Monday, reaching $17.36. 4,011,623 shares of the stock were exchanged, compared to its average volume of 2,416,114. Frontline has a 12 month low of $13.17 and a 12 month high of $29.39. The company has a market capitalization of $3.87 billion, a price-to-earnings ratio of 7.09 and a beta of 0.01. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. The business has a 50-day simple moving average of $16.26 and a two-hundred day simple moving average of $20.53.

Frontline (NYSE:FRO - Get Free Report) last announced its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same period in the prior year, the company earned $0.36 earnings per share. As a group, equities research analysts expect that Frontline will post 1.83 EPS for the current year.

Frontline Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 7.83%. The ex-dividend date was Wednesday, December 11th. Frontline's dividend payout ratio is 55.51%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on FRO shares. Fearnley Fonds upgraded shares of Frontline to a "strong-buy" rating in a research note on Friday, September 27th. Jefferies Financial Group dropped their target price on Frontline from $26.00 to $20.00 and set a "buy" rating for the company in a research report on Tuesday, December 17th. 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 note on Monday, October 7th. Finally, Kepler Capital Markets cut shares of Frontline from a "buy" rating to a "hold" rating and set a $15.83 price objective on the stock. in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $24.03.

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.