Frontline (NYSE:FRO) Shares Gap Down to $23.94

Shares of Frontline plc (NYSE:FRO) gapped down before the market opened on Friday . The stock had previously closed at $23.94, but opened at $22.62. Frontline shares last traded at $22.30, with a volume of 473,633 shares traded.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Evercore ISI cut their price target on Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Jefferies Financial Group restated a “buy” rating and issued a $30.00 price objective on shares of Frontline in a research report on Friday, August 30th. Finally, StockNews.com raised Frontline to a “sell” rating in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Frontline has a consensus rating of “Hold” and an average target price of $27.58.

Frontline Trading Down 7.1 %

The company has a fifty day moving average of $23.57 and a 200-day moving average of $24.45. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40. The company has a market capitalization of $4.95 billion, a price-to-earnings ratio of 7.78 and a beta of 0.04.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). Frontline had a return on equity of 19.73% and a net margin of 29.42%. The firm had revenue of $409.72 million during the quarter, compared to analyst estimates of $383.88 million. During the same period in the prior year, the firm earned $0.94 earnings per share. As a group, equities research analysts anticipate that Frontline plc will post 2.62 earnings per share for the current fiscal year.

Frontline Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 11.15%. The ex-dividend date is Friday, September 13th. Frontline’s dividend payout ratio (DPR) is 86.71%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Summit Securities Group LLC lifted its position in Frontline by 75.0% during the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after buying an additional 600 shares in the last quarter. Cozad Asset Management Inc. increased its stake in shares of Frontline by 6.4% in the 2nd quarter. Cozad Asset Management Inc. now owns 12,976 shares of the shipping company’s stock worth $334,000 after acquiring an additional 785 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of Frontline by 9.7% during the 2nd quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company’s stock worth $258,000 after acquiring an additional 871 shares during the period. Ashton Thomas Private Wealth LLC acquired a new position in shares of Frontline during the 2nd quarter valued at about $31,000. Finally, ICA Group Wealth Management LLC acquired a new position in shares of Frontline during the 4th quarter valued at about $25,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

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.