Frontline (NYSE:FRO) Stock Price Up 7.6% – Should You Buy?

Frontline plc (NYSE:FRO) shares rose 7.6% during mid-day trading on Friday . The company traded as high as $17.35 and last traded at $17.03. Approximately 2,211,286 shares were traded during trading, a decline of 41% from the average daily volume of 3,764,881 shares. The stock had previously closed at $15.83.

Wall Street Analyst Weigh In

FRO has been the topic of a number of recent analyst reports. Kepler Capital Markets downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price on the stock. in a research note on Thursday, December 12th. Jefferies Financial Group lowered their price objective on shares of Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, December 17th. BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a research note on Monday, October 7th. Finally, Fearnley Fonds raised Frontline to a “strong-buy” rating in a research note on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $24.03.

Frontline Stock Performance

The company has a market cap of $3.84 billion, a P/E ratio of 7.04 and a beta of 0.01. The company’s fifty day moving average is $16.39 and its 200 day moving average is $20.88. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44.

Frontline (NYSE:FRO) last issued its earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share for the quarter, missing the consensus estimate 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 period in the previous year, the firm earned $0.36 EPS. As a group, equities analysts predict that Frontline plc will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 7.89%. The ex-dividend date was Wednesday, December 11th. Frontline’s payout ratio is 55.51%.

Institutional Investors Weigh In On Frontline

Large investors have recently added to or reduced their stakes in the company. Godsey & Gibb Inc. bought a new position in shares of Frontline during the third quarter valued at about $25,000. Ashton Thomas Private Wealth LLC purchased a new stake in Frontline in the 2nd quarter worth approximately $31,000. Blue Trust Inc. grew its position in shares of Frontline by 124.4% in the 3rd quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company’s stock worth $111,000 after buying an additional 2,681 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Frontline by 4,965.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock worth $116,000 after buying an additional 4,618 shares during the last quarter. Finally, U S Global Investors Inc. purchased a new position in shares of Frontline during the third quarter valued at approximately $135,000. Institutional investors own 22.70% of the company’s stock.

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.