Frontline (NYSE:FRO) Stock Price Down 2.8% – What’s Next?

Frontline plc (NYSE:FRO) dropped 2.8% on Friday . The stock traded as low as $14.26 and last traded at $14.28. Approximately 677,756 shares were traded during trading, a decline of 63% from the average daily volume of 1,832,947 shares. The stock had previously closed at $14.69.

Analysts Set New Price Targets

FRO has been the topic of several recent analyst reports. BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Monday, October 7th. Kepler Capital Markets cut shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price for the company. in a research note on Thursday, December 12th. Jefferies Financial Group reduced their price target on shares of Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. Finally, Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a report on Friday, September 27th. One analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Frontline currently has an average rating of “Moderate Buy” and an average target price of $24.36.

Frontline Price Performance

The stock’s 50-day moving average is $16.76 and its two-hundred day moving average is $21.22. The company has a market capitalization of $3.17 billion, a PE ratio of 5.82 and a beta of 0.01. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44.

Frontline (NYSE:FRO) last issued its earnings results on Wednesday, November 27th. The shipping company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same quarter in the previous year, the business earned $0.36 EPS. On average, equities analysts predict that Frontline plc will post 1.83 EPS for the current year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th were issued a $0.34 dividend. The ex-dividend date of this dividend was Wednesday, December 11th. This represents a $1.36 annualized dividend and a dividend yield of 9.54%. Frontline’s dividend payout ratio is currently 55.51%.

Institutional Trading of Frontline

Institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC acquired a new position in Frontline during the 3rd quarter valued at about $783,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Frontline by 102.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 43,494 shares of the shipping company’s stock valued at $994,000 after acquiring an additional 22,022 shares in the last quarter. Edge Capital Group LLC raised its position in shares of Frontline by 31.8% in the 2nd quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company’s stock valued at $10,641,000 after purchasing an additional 99,765 shares during the last quarter. FCG Investment Co acquired a new stake in Frontline in the 3rd quarter worth approximately $823,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in Frontline during the 3rd quarter worth approximately $998,000. 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.