Frontline plc (NYSE:FRO - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $16.56, but opened at $16.15. Frontline shares last traded at $16.39, with a volume of 364,689 shares traded.
Analyst Upgrades and Downgrades
Several research analysts have recently issued reports on FRO shares. Kepler Capital Markets set a $12.49 price target on shares of Frontline in a report on Thursday, March 27th. Evercore ISI reduced their target price on Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $20.62.
Check Out Our Latest Stock Report on FRO
Frontline Stock Down 1.5 %
The company's 50 day moving average price is $15.45 and its two-hundred day moving average price is $16.79. The stock has a market cap of $3.63 billion, a P/E ratio of 6.66 and a beta of 0.20. 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 - Get Free Report) last announced its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.20. The company had revenue of $425.60 million for the quarter, compared to analysts' expectations of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. Frontline's revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.46 earnings per share. Equities analysts forecast that Frontline plc will post 1.78 earnings per share for the current year.
Frontline Cuts Dividend
The company also recently announced 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. This represents a $0.80 annualized dividend and a dividend yield of 4.91%. The ex-dividend date was Friday, March 14th. Frontline's payout ratio is currently 36.04%.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of FRO. Vanguard Group Inc. raised its position in shares of Frontline by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 5,493,085 shares of the shipping company's stock valued at $75,502,000 after buying an additional 51,073 shares during the last quarter. Cooper Creek Partners Management LLC acquired a new position in shares of Frontline in the fourth quarter worth $41,447,000. Renaissance Technologies LLC raised its holdings in Frontline by 27.5% in the fourth quarter. Renaissance Technologies LLC now owns 1,378,037 shares of the shipping company's stock valued at $19,554,000 after acquiring an additional 297,437 shares in the last quarter. Marshall Wace LLP boosted its position in shares of Frontline by 137.2% during the 4th quarter. Marshall Wace LLP now owns 1,090,427 shares of the shipping company's stock worth $15,473,000 after acquiring an additional 630,685 shares in the last quarter. Finally, Hartree Partners LP boosted its holdings in shares of Frontline by 482.6% in the 4th quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company's stock valued at $15,047,000 after buying an additional 878,885 shares in the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.
About Frontline
(
Get Free Report)
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.
See Also
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