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

Frontline plc (NYSE:FRO) was the recipient of a large growth in short interest in December. As of December 31st, there was short interest totalling 6,080,000 shares, a growth of 10.3% from the December 15th total of 5,510,000 shares. Approximately 4.3% of the company’s stock are short sold. Based on an average trading volume of 2,820,000 shares, the short-interest ratio is currently 2.2 days.

Wall Street Analyst Weigh In

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

Institutional Trading of Frontline

Institutional investors and hedge funds have recently modified their holdings of the business. Godsey & Gibb Inc. acquired a new position in shares of Frontline in the 3rd quarter valued at about $25,000. Blue Trust Inc. boosted its stake in Frontline by 124.4% in the third quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company’s stock valued at $111,000 after acquiring an additional 2,681 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of Frontline by 4,965.6% during the second quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock valued at $116,000 after purchasing an additional 4,618 shares during the last quarter. U S Global Investors Inc. acquired a new stake in shares of Frontline during the 3rd quarter worth approximately $135,000. Finally, Clear Harbor Asset Management LLC bought a new stake in shares of Frontline in the 4th quarter worth approximately $214,000. 22.70% of the stock is owned by institutional investors and hedge funds.

Frontline Stock Down 0.7 %

Shares of Frontline stock traded down $0.13 during trading on Monday, reaching $17.36. The company had a trading volume of 4,011,623 shares, compared to its average volume of 2,416,114. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. Frontline has a fifty-two week low of $13.17 and a fifty-two week high of $29.39. The firm’s fifty day moving average is $16.29 and its 200-day moving average is $20.59. The company has a market cap of $3.87 billion, a price-to-earnings ratio of 7.09 and a beta of 0.01.

Frontline (NYSE:FRO) last announced its quarterly earnings data 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 net margin of 25.64% and a return on equity of 19.25%. During the same period last year, the firm posted $0.36 EPS. On average, analysts anticipate that Frontline 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. Shareholders of record on Wednesday, December 11th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 7.83%. The ex-dividend date was Wednesday, December 11th. Frontline’s dividend payout ratio is presently 55.51%.

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.