Frontline (NYSE:FRO) Trading Down 3% – Time to Sell?

Frontline plc (NYSE:FRO)’s share price was down 3% on Monday . The company traded as low as $15.05 and last traded at $15.04. Approximately 498,121 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 2,351,110 shares. The stock had previously closed at $15.50.

Wall Street Analyst Weigh In

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

Frontline Trading Down 3.1 %

The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. The firm’s fifty day moving average is $15.79 and its two-hundred day moving average is $17.33. The firm has a market capitalization of $3.23 billion, a PE ratio of 5.93 and a beta of 0.20.

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

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 5.51%. The ex-dividend date was Friday, March 14th. Frontline’s dividend payout ratio is presently 36.04%.

Hedge Funds Weigh In On Frontline

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cooper Creek Partners Management LLC bought a new stake in Frontline in the fourth quarter worth about $41,447,000. Hartree Partners LP raised its holdings in shares of Frontline by 482.6% in the 4th quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company’s stock worth $15,047,000 after purchasing an additional 878,885 shares during the period. Mirabella Financial Services LLP purchased a new position in Frontline in the fourth quarter valued at approximately $9,224,000. Marshall Wace LLP lifted its stake in Frontline by 137.2% in the fourth quarter. Marshall Wace LLP now owns 1,090,427 shares of the shipping company’s stock valued at $15,473,000 after purchasing an additional 630,685 shares during the last quarter. Finally, Capital Fund Management S.A. bought a new position in Frontline during the fourth quarter valued at $5,216,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

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.