Frontline (NYSE:FRO) Shares Gap Down to $25.76

Frontline plc (NYSE:FRO) shares gapped down before the market opened on Monday . The stock had previously closed at $25.76, but opened at $25.13. Frontline shares last traded at $24.91, with a volume of 483,131 shares trading hands.

Analyst Ratings Changes

Several research analysts recently commented on FRO shares. Jefferies Financial Group reaffirmed a “buy” rating and issued a $30.00 target price on shares of Frontline in a research report on Thursday, May 30th. StockNews.com cut shares of Frontline from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st.

Frontline Price Performance

The company has a 50 day simple moving average of $26.10 and a 200-day simple moving average of $23.81. The stock has a market cap of $5.63 billion, a price-to-earnings ratio of 8.85 and a beta of 0.03. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 1.59.

Frontline (NYSE:FRO) last released its quarterly earnings data on Thursday, May 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.24). The business had revenue of $578.40 million during the quarter, compared to the consensus estimate of $380.73 million. Frontline had a net margin of 32.94% and a return on equity of 23.14%. Frontline’s quarterly revenue was up 16.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.87 EPS. Research analysts expect that Frontline plc will post 3.43 EPS for the current year.

Frontline Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 9.80%. This is a positive change from Frontline’s previous quarterly dividend of $0.37. The ex-dividend date was Friday, June 14th. Frontline’s dividend payout ratio (DPR) is currently 86.71%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in FRO. ICA Group Wealth Management LLC bought a new stake in shares of Frontline in the fourth quarter valued at approximately $25,000. Naples Money Management LLC acquired a new stake in shares of Frontline during the 4th quarter worth $27,000. Newbridge Financial Services Group Inc. increased its position in shares of Frontline by 150.6% in the first quarter. Newbridge Financial Services Group Inc. now owns 3,619 shares of the shipping company’s stock worth $85,000 after purchasing an additional 2,175 shares during the period. Russell Investments Group Ltd. raised its stake in Frontline by 169.2% in the fourth quarter. Russell Investments Group Ltd. now owns 3,928 shares of the shipping company’s stock valued at $79,000 after purchasing an additional 2,469 shares in the last quarter. Finally, Emfo LLC bought a new stake in Frontline during the fourth quarter worth about $80,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

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.