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 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 traded.

Wall Street Analyst Weigh In

FRO has been the subject of several recent research reports. Evercore ISI lowered their price target 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. Kepler Capital Markets set a $12.49 price objective on shares of Frontline in a research report on Thursday, March 27th. Finally, Wall Street Zen cut shares of Frontline from a "hold" rating to a "sell" rating in a research report on Sunday. Two 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's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $20.62.

Frontline Price Performance

The business's 50-day simple moving average is $17.93 and its 200-day simple moving average is $16.63. The stock has a market cap of $4.11 billion, a PE ratio of 11.83 and a beta of 0.25. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 1.44.

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 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 for the quarter, compared to analysts' expectations of $252.26 million. During the same quarter in the previous year, the company earned $0.62 earnings per share. The company's revenue for the quarter was down 26.0% compared to the same quarter last year. On average, research analysts expect that Frontline PLC will post 1.78 EPS for the current fiscal year.

Frontline Dividend Announcement

The business also recently declared a dividend, which was paid on Tuesday, June 24th. Investors of record on Friday, June 13th were given a dividend of $0.18 per share. This represents a dividend yield of 3.97%. The ex-dividend date was Thursday, June 12th. Frontline's dividend payout ratio is currently 46.15%.

Hedge Funds Weigh In On Frontline

Several hedge funds and other institutional investors have recently modified their holdings of the stock. 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 valued at $235,000 after buying an additional 819 shares during the period. Signaturefd LLC increased its position in shares of Frontline by 59.3% during the first quarter. Signaturefd LLC now owns 2,657 shares of the shipping company's stock valued at $39,000 after buying an additional 989 shares during the period. Swiss National Bank increased its position in shares of Frontline by 0.6% during the fourth quarter. Swiss National Bank now owns 286,612 shares of the shipping company's stock valued at $3,953,000 after buying an additional 1,845 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Frontline during the second quarter valued at about $33,000. Finally, SVB Wealth LLC purchased a new position in shares of Frontline during the first quarter valued at about $32,000. Hedge funds and other institutional investors 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.