Frontline (NYSE:FRO) Shares Gap Down – Time to Sell?

Frontline plc (NYSE:FRO) gapped down prior to trading on Wednesday . The stock had previously closed at $17.09, but opened at $16.57. Frontline shares last traded at $16.46, with a volume of 973,689 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have issued reports on FRO. Jefferies Financial Group restated a “buy” rating and set a $26.00 target price on shares of Frontline in a research report on Wednesday, November 27th. Fearnley Fonds upgraded shares of Frontline to a “strong-buy” rating in a research report on Friday, September 27th. BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a research report on Monday, October 7th. Finally, StockNews.com upgraded shares of Frontline to a “sell” rating in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.26.

Frontline Stock Down 2.5 %

The business’s fifty day moving average is $20.42 and its 200-day moving average is $23.15. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.38.

Frontline (NYSE:FRO) last released its earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.05). Frontline had a net margin of 25.64% and a return on equity of 19.25%. During the same quarter in the previous year, the company earned $0.36 earnings per share. On average, research analysts predict that Frontline plc will post 1.83 earnings per share for the current year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th will be paid a dividend of $0.34 per share. The ex-dividend date is Wednesday, December 11th. This represents a $1.36 annualized dividend and a yield of 8.63%. Frontline’s dividend payout ratio is currently 101.22%.

Institutional Investors Weigh In On Frontline

Several institutional investors have recently bought and sold shares of the business. Private Advisor Group LLC grew its stake in Frontline by 4.8% during the third quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company’s stock worth $243,000 after buying an additional 490 shares during the period. IHT Wealth Management LLC grew its stake in Frontline by 3.5% during the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock worth $359,000 after buying an additional 535 shares during the period. Summit Securities Group LLC grew its stake in Frontline by 75.0% during the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after buying an additional 600 shares during the period. Cozad Asset Management Inc. lifted its position in shares of Frontline by 6.4% during the second quarter. Cozad Asset Management Inc. now owns 12,976 shares of the shipping company’s stock worth $334,000 after purchasing an additional 785 shares in the last quarter. Finally, TD Asset Management Inc lifted its position in shares of Frontline by 9.7% during the second quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company’s stock worth $258,000 after purchasing an additional 871 shares in the last quarter. 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.