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

Frontline PLC (NYSE:FRO - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $17.44, but opened at $18.15. Frontline shares last traded at $18.47, with a volume of 653,529 shares.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Kepler Capital Markets set a $12.49 target price on shares of Frontline in a research report on Thursday, March 27th. Wall Street Zen cut shares of Frontline from a "hold" rating to a "sell" rating in a research report on Sunday. Finally, Evercore ISI lowered their price objective on Frontline from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. Two investment 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. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.62.

Frontline Trading Up 6.4%

The firm has a market cap of $4.13 billion, a price-to-earnings ratio of 11.90 and a beta of 0.25. The firm's 50-day moving average is $17.83 and its 200-day moving average is $16.58. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 1.44.

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

Frontline Announces Dividend

The business also recently disclosed a dividend, which was paid on Tuesday, June 24th. Stockholders of record on Friday, June 13th were paid a $0.18 dividend. This represents a dividend yield of 3.97%. The ex-dividend date of this dividend was Thursday, June 12th. Frontline's dividend payout ratio (DPR) is presently 46.15%.

Institutional Investors Weigh In On Frontline

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Frontline during the 2nd quarter worth $33,000. Bayforest Capital Ltd purchased a new stake in Frontline in the 1st quarter valued at about $34,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in 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 buying an additional 20,370 shares during the last quarter. Murchinson Ltd. purchased a new position in shares of Frontline in the 1st quarter worth approximately $676,000. Finally, Millennium Management LLC bought a new position in shares of Frontline in the first quarter valued at approximately $7,587,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

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.