Frontline (NYSE:FRO) Shares Gap Down - What's Next?

Frontline PLC (NYSE:FRO - Get Free Report) 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.

Wall Street Analysts Forecast Growth

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

Frontline Price Performance

The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 1.44. The business's fifty day moving average is $17.52 and its 200 day moving average is $16.39. The company has a market cap of $3.96 billion, a P/E ratio of 11.41 and a beta of 0.28.

Frontline (NYSE:FRO - Get Free Report) last issued its quarterly earnings results on Friday, May 23rd. The shipping company reported $0.18 EPS for the quarter, meeting analysts' consensus estimates of $0.18. Frontline had a return on equity of 12.67% and a net margin of 17.67%. The firm had revenue of $427.87 million for the quarter, compared to analysts' expectations of $252.26 million. During the same quarter in the prior year, the firm earned $0.62 EPS. The business's revenue for the quarter was down 26.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Frontline PLC will post 1.78 EPS for the current year.

Frontline Dividend Announcement

The company also recently announced a dividend, which will be paid on Tuesday, June 24th. Investors of record on Friday, June 13th will be issued 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 dividend payout ratio (DPR) is presently 46.15%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in FRO. Private Advisor Group LLC raised its position in Frontline by 164.0% during the fourth quarter. Private Advisor Group LLC now owns 28,053 shares of the shipping company's stock valued at $398,000 after purchasing an additional 17,428 shares in the last quarter. Jones Financial Companies Lllp purchased a new stake in Frontline during the fourth quarter valued at about $31,000. SBI Securities Co. Ltd. bought a new position in shares of Frontline during the fourth quarter valued at about $341,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Frontline by 65.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 71,972 shares of the shipping company's stock worth $1,021,000 after buying an additional 28,478 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Frontline in the 4th quarter valued at about $241,000. Institutional investors own 22.70% of the company's stock.

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.

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