Frontline Target of Unusually Large Options Trading (NYSE:FRO)

Frontline plc (NYSE:FRO) was the target of unusually large options trading activity on Thursday. Investors acquired 9,294 call options on the company. This represents an increase of approximately 121% compared to the typical daily volume of 4,210 call options.

Frontline Stock Performance

Shares of NYSE FRO traded down $0.44 during trading on Thursday, reaching $14.52. 1,620,762 shares of the company traded hands, compared to its average volume of 2,267,401. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The firm has a 50 day simple moving average of $16.48 and a 200-day simple moving average of $17.96. Frontline has a 52-week low of $13.17 and a 52-week high of $29.39. The stock has a market capitalization of $3.23 billion, a PE ratio of 5.92 and a beta of 0.20.

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

Frontline Cuts Dividend

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

Analyst Ratings Changes

Several research firms recently weighed in on FRO. Kepler Capital Markets set a $12.49 price target on Frontline in a research note on Thursday, March 27th. Jefferies Financial Group reduced their price objective on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. Two equities research analysts have rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Frontline presently has an average rating of “Moderate Buy” and an average target price of $23.62.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Jones Financial Companies Lllp purchased a new position in Frontline during the fourth quarter valued at approximately $31,000. Golden State Wealth Management LLC purchased a new stake in Frontline in the 4th quarter worth $84,000. National Bank of Canada FI increased its stake in Frontline by 331.8% in the 4th quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company’s stock worth $87,000 after buying an additional 4,738 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Frontline by 84.4% in the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock valued at $127,000 after acquiring an additional 4,084 shares in the last quarter. Finally, Nexpoint Asset Management L.P. bought a new position in shares of Frontline in the fourth quarter worth about $159,000. 22.70% of the stock is currently 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.