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 Tuesday . The stock had previously closed at $18.58, but opened at $17.71. Frontline shares last traded at $17.75, with a volume of 1,371,172 shares trading hands.

Analyst Ratings Changes

Several analysts have recently weighed in on FRO shares. Kepler Capital Markets set a $12.49 price target on Frontline in a report on Thursday, March 27th. Evercore ISI cut their target price on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Two investment 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. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $20.62.

Frontline Price Performance

The company has a fifty day simple moving average of $17.68 and a 200 day simple moving average of $16.42. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.82 and a current ratio of 1.82. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 10.86 and a beta of 0.28.

Frontline (NYSE:FRO - Get Free Report) last released its quarterly earnings results on Friday, May 23rd. The shipping company reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18. Frontline had a net margin of 17.67% and a return on equity of 12.67%. The firm had revenue of $427.87 million during the quarter, compared to analyst estimates of $252.26 million. During the same quarter last year, the business earned $0.62 EPS. The company's revenue was down 26.0% compared to the same quarter last year. Equities research analysts forecast that Frontline PLC will post 1.78 EPS for the current fiscal year.

Frontline Dividend Announcement

The company also recently announced a dividend, which was paid on Tuesday, June 24th. Investors of record on Friday, June 13th were issued a $0.18 dividend. The ex-dividend date was Thursday, June 12th. This represents a yield of 3.97%. Frontline's payout ratio is 46.15%.

Institutional Trading of Frontline

Large investors have recently bought and sold shares of the business. Encompass Capital Advisors LLC bought a new stake in Frontline in the first quarter worth approximately $45,026,000. Cooper Creek Partners Management LLC bought a new position in shares of Frontline during the 4th quarter worth approximately $41,447,000. Hartree Partners LP grew its position in shares of Frontline by 482.6% during the 4th quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company's stock worth $15,047,000 after buying an additional 878,885 shares during the period. Corigliano Investment Advisers LLC bought a new stake in shares of Frontline in the 1st quarter valued at $12,002,000. Finally, Mirabella Financial Services LLP bought a new stake in shares of Frontline in the 4th quarter valued at $9,224,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

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.