Frontline (NYSE:FRO) Stock Price Down 4.8% – Time to Sell?

Frontline plc (NYSE:FRO)’s stock price was down 4.8% during trading on Tuesday . The stock traded as low as $13.77 and last traded at $13.61. Approximately 392,264 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 2,310,832 shares. The stock had previously closed at $14.29.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Kepler Capital Markets set a $12.49 target price on shares of Frontline in a research note on Thursday, March 27th. Jefferies Financial Group reduced their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, December 17th. Two investment analysts have rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $23.62.

Frontline Price Performance

The stock has a market cap of $2.96 billion, a P/E ratio of 5.41 and a beta of 0.20. The company’s 50 day moving average price is $16.33 and its 200-day moving average price is $17.72. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44.

Frontline (NYSE:FRO) last announced its earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The business had revenue of $425.60 million during the quarter, compared to analyst estimates of $273.16 million. During the same period last year, the company earned $0.46 EPS. Frontline’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, sell-side analysts expect that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 6.02%. The ex-dividend date was Friday, March 14th. Frontline’s dividend payout ratio is presently 36.04%.

Institutional Investors Weigh In On Frontline

A number of institutional investors have recently modified their holdings of FRO. Jefferies Financial Group Inc. acquired a new position in Frontline in the fourth quarter valued at $425,000. Public Employees Retirement System of Ohio raised its position in shares of Frontline by 10.7% in the 4th quarter. Public Employees Retirement System of Ohio now owns 48,706 shares of the shipping company’s stock worth $671,000 after acquiring an additional 4,716 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Frontline by 69.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 164,856 shares of the shipping company’s stock valued at $2,339,000 after purchasing an additional 67,445 shares during the period. Vident Advisory LLC boosted its position in shares of Frontline by 62.7% during the 4th quarter. Vident Advisory LLC now owns 28,503 shares of the shipping company’s stock valued at $404,000 after purchasing an additional 10,982 shares in the last quarter. Finally, Wexford Capital LP acquired a new stake in Frontline during the fourth quarter worth approximately $312,000. 22.70% of the stock is owned by 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.