Frontline plc (NYSE:FRO - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $17.13, but opened at $18.10. Frontline shares last traded at $17.80, with a volume of 1,790,321 shares changing hands.
Wall Street Analyst Weigh In
FRO has been the subject of several recent research reports. Evercore ISI decreased their price objective on Frontline from $22.00 to $20.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 price target on shares of Frontline in a research note on Thursday, March 27th. Two equities research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Frontline currently has a consensus rating of "Moderate Buy" and an average target price of $20.62.
Read Our Latest Report on FRO
Frontline Trading Up 4.5 %
The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The firm has a 50 day moving average price of $15.47 and a 200 day moving average price of $16.58. The stock has a market capitalization of $3.98 billion, a PE ratio of 7.30 and a beta of 0.24.
Frontline (NYSE:FRO - Get Free Report) last released its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, meeting analysts' consensus estimates of $0.20. The business had revenue of $425.60 million during the quarter, compared to analyst estimates of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. Frontline's quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 EPS. Equities analysts expect that Frontline plc will post 1.78 EPS for the current fiscal year.
Frontline Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.47%. The ex-dividend date was Friday, March 14th. Frontline's dividend payout ratio (DPR) is presently 36.04%.
Institutional Investors Weigh In On Frontline
Several institutional investors and hedge funds have recently added to or reduced their stakes in FRO. Jones Financial Companies Lllp purchased a new position in shares of Frontline in the 4th quarter worth approximately $31,000. Signaturefd LLC boosted its position in Frontline by 59.3% in the first quarter. Signaturefd LLC now owns 2,657 shares of the shipping company's stock worth $39,000 after purchasing an additional 989 shares during the last quarter. Golden State Wealth Management LLC bought a new position in Frontline in the 4th quarter valued at $84,000. National Bank of Canada FI grew its stake in Frontline by 331.8% in the 4th quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company's stock valued at $87,000 after purchasing an additional 4,738 shares during the period. Finally, Blue Trust Inc. increased its position in shares of Frontline by 84.4% during the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock valued at $127,000 after purchasing an additional 4,084 shares during the last quarter. Hedge funds and other institutional investors own 22.70% of the company's stock.
About Frontline
(
Get Free Report)
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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