Frontline (NYSE:FRO) Shares Gap Up - Here's What Happened

Frontline plc (NYSE:FRO - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $17.18, but opened at $17.77. Frontline shares last traded at $17.90, with a volume of 1,328,740 shares traded.

Wall Street Analyst Weigh In

A number of research firms recently commented on FRO. Kepler Capital Markets set a $12.49 target price on shares of Frontline in a research report on Thursday, March 27th. Evercore ISI lowered their target price 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 research analysts have rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Frontline currently has an average rating of "Moderate Buy" and a consensus price target of $20.62.

Frontline Stock Performance

The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The firm has a market capitalization of $4.05 billion, a price-to-earnings ratio of 7.39 and a beta of 0.24. The stock's 50 day moving average price is $16.00 and its two-hundred day moving average price is $16.39.

Frontline (NYSE:FRO - Get Free Report) last announced its quarterly earnings results on Friday, May 23rd. The shipping company reported $0.18 EPS for the quarter, hitting the consensus estimate of $0.18. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The business had revenue of $427.87 million for the quarter, compared to analyst estimates of $252.26 million. During the same quarter in the previous year, the company earned $0.62 EPS. The company's quarterly revenue was down 26.0% on a year-over-year basis. On average, analysts forecast that Frontline plc will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The firm also recently disclosed 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. The ex-dividend date was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.40%. Frontline's dividend payout ratio (DPR) is 36.04%.

Institutional Trading of Frontline

A number of large investors have recently made changes to their positions in the stock. Bayforest Capital Ltd purchased a new position in shares of Frontline during the first quarter valued at approximately $34,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Frontline by 12.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 185,226 shares of the shipping company's stock worth $2,751,000 after purchasing an additional 20,370 shares in the last quarter. Murchinson Ltd. purchased a new stake in shares of Frontline during the first quarter valued at approximately $676,000. Millennium Management LLC purchased a new stake in shares of Frontline during the first quarter valued at approximately $7,587,000. Finally, Interval Partners LP purchased a new stake in shares of Frontline during the first quarter worth about $537,000. Institutional investors and hedge funds 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.

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