Frontline (NYSE:FRO) Shares Gap Up – Time to Buy?

Shares of Frontline plc (NYSE:FRO) gapped up prior to trading on Friday . The stock had previously closed at $17.18, but opened at $17.77. Frontline shares last traded at $17.90, with a volume of 1,328,740 shares trading hands.

Analysts Set New Price Targets

FRO has been the topic of several recent research reports. Evercore ISI lowered their price target on shares of Frontline from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 price target on shares of Frontline in a research note on Thursday, March 27th. Two investment analysts have rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.62.

Frontline Stock Up 6.9%

The company has a market capitalization of $4.09 billion, a price-to-earnings ratio of 7.49 and a beta of 0.24. The firm’s 50 day moving average price is $16.05 and its two-hundred day moving average price is $16.37. 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 released its quarterly earnings data on Friday, May 23rd. The shipping company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. The company had revenue of $427.87 million for the quarter, compared to analyst estimates of $252.26 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. Frontline’s revenue for the quarter was down 26.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.62 EPS. Sell-side analysts anticipate that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a dividend of $0.20 per share. The ex-dividend date was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 4.36%. Frontline’s dividend payout ratio is presently 36.04%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FRO. SG Americas Securities LLC increased its stake in shares of Frontline by 148.3% during the 4th quarter. SG Americas Securities LLC now owns 33,121 shares of the shipping company’s stock worth $470,000 after purchasing an additional 19,783 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Frontline by 84.4% during the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock worth $127,000 after buying an additional 4,084 shares during the period. Svenska Handelsbanken AB publ bought a new stake in shares of Frontline during the 4th quarter worth about $415,000. Golden State Wealth Management LLC bought a new stake in shares of Frontline during the 4th quarter worth about $84,000. Finally, Private Advisor Group LLC boosted its holdings in shares of Frontline by 164.0% during the 4th quarter. Private Advisor Group LLC now owns 28,053 shares of the shipping company’s stock worth $398,000 after buying an additional 17,428 shares during the period. 22.70% of the stock is currently owned by institutional investors and hedge funds.

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.