Frontline (NYSE:FRO) Stock Passes Above Two Hundred Day Moving Average - Here's What Happened

Frontline PLC (NYSE:FRO - Get Free Report) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $16.39 and traded as high as $19.64. Frontline shares last traded at $18.59, with a volume of 6,600,865 shares.

Analyst Ratings Changes

FRO has been the topic of several research reports. 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 report 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. Two 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's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $20.62.

Frontline Price Performance

The business's 50 day moving average price is $17.68 and its 200-day moving average price is $16.42. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 1.44. The company has a market cap of $3.78 billion, a PE ratio of 10.87 and a beta of 0.28.

Frontline (NYSE:FRO - Get Free Report) last released its quarterly earnings results on Friday, May 23rd. The shipping company reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18. The firm had revenue of $427.87 million for the quarter, compared to the consensus estimate of $252.26 million. Frontline had a net margin of 17.67% and a return on equity of 12.67%. The firm's quarterly revenue was down 26.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.62 EPS. As a group, analysts forecast that Frontline PLC will post 1.78 earnings per share for the current year.

Frontline Dividend Announcement

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

Institutional Investors Weigh In On Frontline

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bayforest Capital Ltd bought a new stake in shares of Frontline in the first quarter worth $34,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position 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. acquired a new position in Frontline in the first quarter worth about $676,000. Millennium Management LLC acquired a new position in Frontline in the first quarter worth about $7,587,000. Finally, Interval Partners LP bought a new stake in Frontline in the first quarter valued at about $537,000. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

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.