Frontline Sees Unusually High Options Volume (NYSE:FRO)

Frontline plc (NYSE:FRO - Get Free Report) was the target of unusually large options trading activity on Friday. Stock investors bought 8,865 call options on the company. This is an increase of approximately 96% compared to the typical daily volume of 4,512 call options.

Frontline Price Performance

Frontline stock traded up $1.40 during trading on Friday, reaching $19.77. The company had a trading volume of 6,691,742 shares, compared to its average volume of 2,572,562. The firm's 50-day simple moving average is $16.94 and its 200 day simple moving average is $16.26. Frontline has a 1-year low of $12.40 and a 1-year high of $26.53. The firm has a market capitalization of $4.40 billion, a PE ratio of 8.07 and a beta of 0.28. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43.

Frontline (NYSE:FRO - Get Free Report) last announced its 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. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company 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 posted $0.62 EPS. The firm's quarterly revenue was down 26.0% on a year-over-year basis. As a group, equities research analysts anticipate that Frontline will post 1.78 earnings per share for the current fiscal year.

Frontline Announces Dividend

The firm also recently announced a dividend, which will be paid on Tuesday, June 24th. Shareholders of record on Friday, June 13th will be paid 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 presently 46.15%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on FRO shares. Evercore ISI dropped their price objective on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 price objective on shares of Frontline in a research note 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. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $20.62.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Bayforest Capital Ltd purchased a new position in shares of Frontline during the 1st quarter worth $34,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in 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 period. Murchinson Ltd. acquired a new position in shares of Frontline during the first quarter worth about $676,000. Millennium Management LLC purchased a new stake in shares of Frontline during the first quarter worth approximately $7,587,000. Finally, Interval Partners LP purchased a new stake in shares of Frontline during the first quarter worth approximately $537,000. 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.