Frontline (NYSE:FRO) Shares Gap Down – Here’s Why

Shares of Frontline plc (NYSE:FRO) gapped down prior to trading on Thursday . The stock had previously closed at $18.70, but opened at $18.25. Frontline shares last traded at $18.20, with a volume of 410,176 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts recently commented on FRO shares. Jefferies Financial Group reduced their price target on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. Fearnley Fonds upgraded shares of Frontline to a “strong-buy” rating in a research report on Friday, September 27th. Kepler Capital Markets downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target for the company. in a research report on Thursday, December 12th. Finally, BTIG Research upgraded 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 equities research analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $24.03.

Frontline Stock Performance

The company has a market cap of $4.02 billion, a PE ratio of 7.37 and a beta of 0.01. 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 stock’s 50-day simple moving average is $16.36 and its 200 day simple moving average is $20.73.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Wednesday, November 27th. The shipping company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates 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 quarter in the previous year, the company posted $0.36 EPS. As a group, equities analysts anticipate that Frontline plc will post 1.83 EPS for the current year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were paid a $0.34 dividend. The ex-dividend date of this dividend was Wednesday, December 11th. This represents a $1.36 dividend on an annualized basis and a yield of 7.53%. Frontline’s payout ratio is 55.51%.

Hedge Funds Weigh In On Frontline

Several hedge funds have recently added to or reduced their stakes in the business. International Assets Investment Management LLC purchased a new stake in shares of Frontline during the third quarter worth about $783,000. Charles Schwab Investment Management Inc. lifted its position in Frontline by 102.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 43,494 shares of the shipping company’s stock valued at $994,000 after buying an additional 22,022 shares in the last quarter. Range Financial Group LLC acquired a new position in Frontline during the fourth quarter valued at approximately $579,000. Edge Capital Group LLC lifted its position in Frontline by 31.8% during the second quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company’s stock valued at $10,641,000 after buying an additional 99,765 shares in the last quarter. Finally, Harbour Capital Advisors LLC acquired a new position in Frontline during the fourth quarter valued at approximately $439,000. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

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.