Frontline (NYSE:FRO) Shares Up 3.9% - What's Next?

Frontline plc (NYSE:FRO - Get Free Report)'s stock price traded up 3.9% on Friday . The company traded as high as $19.31 and last traded at $19.08. 2,602,037 shares changed hands during mid-day trading, an increase of 2% from the average session volume of 2,548,456 shares. The stock had previously closed at $18.37.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Evercore ISI cut their price target on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a research 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 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, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $20.62.

Frontline Price Performance

The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. The company's 50-day simple moving average is $16.94 and its 200-day simple moving average is $16.26. The stock has a market capitalization of $4.40 billion, a P/E ratio of 8.07 and a beta of 0.28.

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

Frontline Announces Dividend

The company also recently announced a dividend, which will be paid on Tuesday, June 24th. Stockholders of record on Friday, June 13th will be issued a dividend of $0.18 per share. This represents a dividend yield of 3.97%. The ex-dividend date of this dividend is Thursday, June 12th. Frontline's dividend payout ratio is currently 46.15%.

Institutional Investors Weigh In On Frontline

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