Frontline (NYSE:FRO) Shares Down 2.8% – Should You Sell?

Frontline plc (NYSE:FRO) dropped 2.8% during mid-day trading on Friday . The company traded as low as $14.26 and last traded at $14.28. Approximately 677,756 shares were traded during trading, a decline of 63% from the average daily volume of 1,832,947 shares. The stock had previously closed at $14.69.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Jefferies Financial Group dropped their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a research note on Monday, October 7th. Kepler Capital Markets downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective for the company. in a research report on Thursday, December 12th. Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a research report on Friday, September 27th. Finally, StockNews.com raised shares of Frontline to a “sell” rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.36.

Frontline Trading Down 2.5 %

The company has a 50 day simple moving average of $16.88 and a 200 day simple moving average of $21.31. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The stock has a market capitalization of $3.19 billion and a PE ratio of 5.84.

Frontline (NYSE:FRO) last released its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 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 previous year, the firm posted $0.36 EPS. Analysts predict that Frontline plc will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Wednesday, December 11th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 9.50%. Frontline’s dividend payout ratio (DPR) is 55.51%.

Hedge Funds Weigh In On Frontline

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

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.