Frontline (NYSE:FRO) Shares Gap Up – Here’s What Happened

Shares of Frontline PLC (NYSE:FRO) gapped up before the market opened on Monday . The stock had previously closed at $17.44, but opened at $18.15. Frontline shares last traded at $18.47, with a volume of 653,529 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FRO. Kepler Capital Markets set a $12.49 price target on shares of Frontline in a research note on Thursday, March 27th. Wall Street Zen lowered shares of Frontline from a “hold” rating to a “sell” rating in a research note on Sunday. Finally, Evercore ISI reduced 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. Two investment 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. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $20.62.

Frontline Stock Performance

The company has a market cap of $4.07 billion, a P/E ratio of 11.71 and a beta of 0.25. 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’s 50-day moving average is $17.91 and its two-hundred day moving average is $16.63.

Frontline (NYSE:FRO) last released its quarterly earnings data on Friday, May 23rd. The shipping company reported $0.18 EPS for the quarter, meeting the consensus estimate of $0.18. The business 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 company’s revenue was down 26.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.62 earnings per share. Equities analysts predict that Frontline PLC will post 1.78 EPS for the current year.

Frontline Dividend Announcement

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

Institutional Investors Weigh In On Frontline

Several institutional investors have recently added to or reduced their stakes in the business. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Frontline during the second quarter valued at about $33,000. Bayforest Capital Ltd purchased a new stake in shares of Frontline in the first quarter worth about $34,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Frontline by 12.4% in 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 buying an additional 20,370 shares in the last quarter. Murchinson Ltd. purchased a new stake in shares of Frontline in the first quarter worth about $676,000. Finally, Millennium Management LLC purchased a new stake in shares of Frontline in the first quarter worth about $7,587,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

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.