Frontline plc (NYSE:FRO) Short Interest Update

Frontline plc (NYSE:FRO - Get Free Report) was the recipient of a significant decrease in short interest in April. As of April 15th, there was short interest totalling 6,650,000 shares, a decrease of 20.5% from the March 31st total of 8,360,000 shares. Approximately 4.7% of the company's stock are short sold. Based on an average trading volume of 3,090,000 shares, the days-to-cover ratio is presently 2.2 days.

Frontline Stock Performance

FRO traded down $0.30 during midday trading on Wednesday, hitting $17.28. 1,604,844 shares of the company were exchanged, compared to its average volume of 2,430,168. The company's 50 day simple moving average is $15.55 and its 200 day simple moving average is $16.56. The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of 7.05 and a beta of 0.24. Frontline has a 1-year low of $12.40 and a 1-year high of $29.39. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44.

Frontline (NYSE:FRO - Get Free Report) last posted its earnings results on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, hitting the consensus estimate of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. During the same period last year, the company earned $0.46 earnings per share. Frontline's revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, sell-side analysts predict that Frontline will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.63%. The ex-dividend date was Friday, March 14th. Frontline's dividend payout ratio (DPR) is presently 36.04%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cooper Creek Partners Management LLC acquired a new stake in shares of Frontline during the 4th quarter valued at about $41,447,000. Hartree Partners LP increased its position in shares of Frontline by 482.6% in the fourth quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company's stock valued at $15,047,000 after buying an additional 878,885 shares in the last quarter. Mirabella Financial Services LLP purchased a new position in shares of Frontline during the 4th quarter valued at approximately $9,224,000. Marshall Wace LLP grew its stake in Frontline by 137.2% in the 4th quarter. Marshall Wace LLP now owns 1,090,427 shares of the shipping company's stock valued at $15,473,000 after acquiring an additional 630,685 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Frontline by 761.8% in the 1st quarter. Bank of New York Mellon Corp now owns 648,836 shares of the shipping company's stock worth $9,635,000 after acquiring an additional 573,544 shares in the last quarter. Hedge funds and other institutional investors own 22.70% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on FRO. Evercore ISI lowered their target price 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 target price on Frontline in a research report on Thursday, March 27th. 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 company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $20.62.

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.