Frontline (NYSE:FRO) Shares Gap Down - Here's Why

Frontline PLC (NYSE:FRO - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $19.74, but opened at $19.21. Frontline shares last traded at $18.60, with a volume of 1,398,354 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on FRO shares. Kepler Capital Markets set a $12.49 price target on shares of Frontline in a research note on Thursday, March 27th. Evercore ISI lowered their price target on Frontline from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $20.62.

Frontline Trading Down 1.0%

The company has a debt-to-equity ratio of 1.44, a current ratio of 1.82 and a quick ratio of 1.82. The company has a market cap of $4.36 billion, a price-to-earnings ratio of 12.55 and a beta of 0.28. The firm's fifty day moving average price is $17.26 and its 200-day moving average price is $16.32.

Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings data on Friday, May 23rd. The shipping company reported $0.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.18. The business had revenue of $427.87 million during the quarter, compared to analysts' expectations of $252.26 million. Frontline had a net margin of 17.67% and a return on equity of 12.67%. The business's revenue was down 26.0% on a year-over-year basis. During the same period last year, the firm posted $0.62 earnings per share. On average, equities analysts expect that Frontline PLC will post 1.78 EPS for the current fiscal year.

Frontline Announces Dividend

The firm also recently declared a dividend, which will be paid on Tuesday, June 24th. Investors of record on Friday, June 13th will be given a dividend of $0.18 per share. This represents a yield of 3.97%. The ex-dividend date of this dividend is Thursday, June 12th. Frontline's payout ratio is 46.15%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. IHT Wealth Management LLC grew its position in Frontline by 5.2% in the 4th quarter. IHT Wealth Management LLC now owns 16,542 shares of the shipping company's stock worth $235,000 after purchasing an additional 819 shares during the last quarter. Signaturefd LLC boosted its holdings in Frontline by 59.3% during the first quarter. Signaturefd LLC now owns 2,657 shares of the shipping company's stock valued at $39,000 after purchasing an additional 989 shares in the last quarter. Swiss National Bank grew its position in Frontline by 0.6% in the fourth quarter. Swiss National Bank now owns 286,612 shares of the shipping company's stock valued at $3,953,000 after acquiring an additional 1,845 shares during the period. SVB Wealth LLC bought a new stake in shares of Frontline in the 1st quarter worth about $32,000. Finally, Jones Financial Companies Lllp bought a new stake in Frontline during the fourth quarter worth about $31,000. 22.70% of the stock is 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.