Frontline (NYSE:FRO) Shares Gap Up - Still a Buy?

Frontline plc (NYSE:FRO - Get Free Report)'s share price gapped up before the market opened on Friday . The stock had previously closed at $17.52, but opened at $18.29. Frontline shares last traded at $18.16, with a volume of 563,900 shares traded.

Wall Street Analysts Forecast Growth

FRO has been the subject of a number of analyst reports. Kepler Capital Markets set a $12.49 price target on Frontline in a report on Thursday, March 27th. Evercore ISI lowered their price objective 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $20.62.

Frontline Stock Down 1.0%

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 50-day moving average of $16.27 and a 200 day moving average of $16.31. The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of 7.32 and a beta of 0.24.

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

Hedge Funds Weigh In On Frontline

Institutional investors have recently added to or reduced their stakes in the company. IHT Wealth Management LLC increased its position in shares of Frontline by 5.2% during the fourth quarter. IHT Wealth Management LLC now owns 16,542 shares of the shipping company's stock worth $235,000 after acquiring an additional 819 shares during the last quarter. Signaturefd LLC increased its holdings in Frontline by 59.3% during the 1st 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. Swiss National Bank raised its position in shares of Frontline by 0.6% in the 4th quarter. Swiss National Bank now owns 286,612 shares of the shipping company's stock valued at $3,953,000 after purchasing an additional 1,845 shares in the last quarter. SVB Wealth LLC acquired a new position in shares of Frontline in the 1st quarter valued at approximately $32,000. Finally, Jones Financial Companies Lllp purchased a new position in shares of Frontline during the 4th quarter valued at approximately $31,000. 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.