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

Frontline plc (NYSE:FRO - Get Free Report)'s share price gapped up prior to trading on Thursday . The stock had previously closed at $17.78, but opened at $18.21. Frontline shares last traded at $18.19, with a volume of 672,845 shares.

Analysts Set New Price Targets

A number of research firms recently commented on FRO. Kepler Capital Markets set a $12.49 price objective on shares of Frontline in a research note on Thursday, March 27th. 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 note on Tuesday, April 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Frontline has an average rating of "Moderate Buy" and an average price target of $20.62.

Frontline Stock Up 2.2%

The business's 50 day simple moving average is $16.81 and its 200-day simple moving average is $16.25. The company has a market cap of $4.09 billion, a price-to-earnings ratio of 7.49 and a beta of 0.28. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43.

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

Frontline Announces Dividend

The firm also recently disclosed a dividend, which will be paid on Tuesday, June 24th. Investors of record on Friday, June 13th will be paid a $0.18 dividend. This represents a dividend yield of 3.97%. The ex-dividend date of this dividend is Thursday, June 12th. Frontline's payout ratio is presently 46.15%.

Institutional Investors Weigh In On Frontline

Several institutional investors and hedge funds have recently modified their holdings of the business. Bayforest Capital Ltd acquired a new stake in shares of Frontline in the 1st quarter valued at $34,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Frontline by 12.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 185,226 shares of the shipping company's stock valued at $2,751,000 after purchasing an additional 20,370 shares during the last quarter. Murchinson Ltd. acquired a new stake in shares of Frontline in the 1st quarter valued at $676,000. Millennium Management LLC acquired a new stake in shares of Frontline in the 1st quarter valued at $7,587,000. Finally, Interval Partners LP acquired a new stake in shares of Frontline in the 1st quarter valued at $537,000. Institutional investors and hedge funds 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.