Frontline (NYSE:FRO) Share Price Passes Above 200-Day Moving Average - Here's Why

Key Points

• Frontline PLC's shares have surpassed their 200-day moving average, trading at $22.89, indicating strong market momentum.
• BTIG Research has increased its price target for Frontline from $25.00 to $30.00 while analysts generally rate the stock as a "Moderate Buy" with a consensus target price of $21.87.
• The company recently declared a quarterly dividend of $0.36, translating to an annualized yield of 6.3%, despite a payout ratio of 134.58%.

Shares of Frontline PLC (NYSE:FRO - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $18.37 and traded as high as $24.12. Frontline shares last traded at $22.89, with a volume of 2,271,860 shares trading hands.

Analyst Ratings Changes

FRO has been the topic of a number of research analyst reports. BTIG Research lifted their price target on Frontline from $25.00 to $30.00 and gave the company a "buy" rating in a report on Wednesday, September 17th. Wall Street Zen upgraded Frontline from a "sell" rating to a "hold" rating in a report on Friday, September 26th. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $25.00 price target on shares of Frontline in a report on Friday, August 29th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $21.87.

Frontline Trading Up 0.4%

The stock has a market cap of $5.09 billion, a price-to-earnings ratio of 21.39 and a beta of 0.20. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 1.38. The business has a 50-day moving average of $20.99 and a 200-day moving average of $18.37.

Frontline (NYSE:FRO - Get Free Report) last released its quarterly earnings data on Friday, August 29th. The shipping company reported $0.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.42 by ($0.06). Frontline had a net margin of 12.94% and a return on equity of 10.27%. The firm had revenue of $282.95 million for the quarter, compared to analyst estimates of $328.71 million. During the same period in the previous year, the business posted $0.62 EPS. Frontline's revenue for the quarter was up 34.2% on a year-over-year basis. As a group, research analysts forecast that Frontline PLC will post 1.78 earnings per share for the current year.

Frontline Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 24th. Shareholders of record on Friday, September 12th were given a $0.36 dividend. The ex-dividend date of this dividend was Friday, September 12th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.3%. Frontline's payout ratio is currently 134.58%.

Institutional Trading of Frontline

Institutional investors and hedge funds have recently made changes to their positions in the stock. Signaturefd LLC lifted its holdings in Frontline by 59.3% during the 1st quarter. Signaturefd LLC now owns 2,657 shares of the shipping company's stock worth $39,000 after buying an additional 989 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in Frontline by 17.5% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,730 shares of the shipping company's stock worth $160,000 after buying an additional 1,447 shares in the last quarter. Financial Gravity Companies Inc. acquired a new position in Frontline during the 2nd quarter worth $25,000. TD Asset Management Inc lifted its holdings in Frontline by 9.9% during the 2nd quarter. TD Asset Management Inc now owns 17,079 shares of the shipping company's stock worth $281,000 after buying an additional 1,535 shares in the last quarter. Finally, SBI Securities Co. Ltd. lifted its holdings in Frontline by 9.3% during the 2nd quarter. SBI Securities Co. Ltd. now owns 21,425 shares of the shipping company's stock worth $352,000 after buying an additional 1,825 shares in the last quarter. 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.

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