Frontline (NYSE:FRO) Stock Price Down 3.8% - Here's Why

Frontline plc (NYSE:FRO - Get Free Report)'s share price was down 3.8% during mid-day trading on Friday . The stock traded as low as $17.50 and last traded at $17.44. Approximately 1,494,952 shares traded hands during trading, a decline of 40% from the average daily volume of 2,510,632 shares. The stock had previously closed at $18.13.

Analyst Ratings Changes

FRO has been the subject of several recent analyst reports. Kepler Capital Markets set a $12.49 target price on Frontline in a research note on Thursday, March 27th. Evercore ISI decreased their price target on Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.62.

Frontline Trading Down 3.1%

The business has a 50 day moving average of $16.45 and a 200 day moving average of $16.32. The firm has a market cap of $3.91 billion, a price-to-earnings ratio of 7.17 and a beta of 0.24. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44.

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

Frontline Announces Dividend

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

Hedge Funds Weigh In On Frontline

A number of institutional investors and hedge funds have recently bought and sold shares of FRO. Jones Financial Companies Lllp acquired a new stake in shares of Frontline during the fourth quarter worth approximately $31,000. SVB Wealth LLC acquired a new position in Frontline in the first quarter valued at approximately $32,000. Bayforest Capital Ltd acquired a new stake in shares of Frontline during the 1st quarter worth approximately $34,000. Signaturefd LLC boosted its position in Frontline by 59.3% during the 1st quarter. Signaturefd LLC now owns 2,657 shares of the shipping company's stock valued at $39,000 after purchasing an additional 989 shares during the period. Finally, Golden State Wealth Management LLC bought a new stake in Frontline in the fourth quarter valued at $84,000. Hedge funds and other institutional investors 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.

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