Frontline (NYSE:FRO) Shares Gap Down - Time to Sell?

Frontline plc (NYSE:FRO - Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $18.75, but opened at $18.21. Frontline shares last traded at $17.83, with a volume of 1,025,978 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on FRO shares. Kepler Capital Markets set a $12.49 price objective on shares of Frontline in a research report on Thursday, March 27th. Evercore ISI dropped their price target on Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $20.62.

Frontline Trading Up 4.4%

The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. The company has a market cap of $4.07 billion, a price-to-earnings ratio of 7.47 and a beta of 0.24. The business has a 50 day simple moving average of $16.22 and a 200 day simple moving average of $16.34.

Frontline (NYSE:FRO - Get Free Report) last issued its quarterly earnings data on Friday, May 23rd. The shipping company reported $0.18 EPS for the quarter, hitting the consensus estimate of $0.18. The business had revenue of $427.87 million for the quarter, compared to the consensus estimate of $252.26 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm's revenue was down 26.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.62 EPS. As a group, equities analysts forecast that Frontline plc will post 1.78 EPS for the current year.

Institutional Investors Weigh In On Frontline

Institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake in Frontline by 65.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 71,972 shares of the shipping company's stock valued at $1,021,000 after buying an additional 28,478 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Frontline during the 4th quarter valued at about $341,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Frontline in the 4th quarter valued at $342,000. BNP Paribas Financial Markets bought a new position in shares of Frontline during the 4th quarter worth about $424,000. Finally, Private Advisor Group LLC raised its position in shares of Frontline by 164.0% during the fourth quarter. Private Advisor Group LLC now owns 28,053 shares of the shipping company's stock worth $398,000 after purchasing an additional 17,428 shares during the period. Institutional investors 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.