Frontline (NYSE:FRO) Sets New 1-Year Low – What’s Next?

Frontline plc (NYSE:FRO) shares reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $13.08 and last traded at $13.01, with a volume of 342099 shares traded. The stock had previously closed at $14.34.

Analyst Ratings Changes

A number of research firms have weighed in on FRO. Jefferies Financial Group decreased their price target on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. Kepler Capital Markets set a $12.49 target price on shares of Frontline in a research note on Thursday, March 27th. Two 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 stock. Based on data from MarketBeat.com, Frontline currently has a consensus rating of “Moderate Buy” and an average target price of $23.62.

Frontline Price Performance

The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The business has a fifty day moving average of $16.37 and a 200 day moving average of $17.82. The firm has a market cap of $2.86 billion, a P/E ratio of 5.23 and a beta of 0.20.

Frontline (NYSE:FRO) last issued 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 company had revenue of $425.60 million during the quarter, compared to the consensus estimate of $273.16 million. During the same period in the previous year, the company posted $0.46 EPS. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $0.20 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 6.24%. Frontline’s dividend payout ratio is currently 36.04%.

Institutional Trading of Frontline

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Frontline by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 5,493,085 shares of the shipping company’s stock valued at $75,502,000 after buying an additional 51,073 shares during the last quarter. Cooper Creek Partners Management LLC acquired a new position in shares of Frontline in the fourth quarter valued at approximately $41,447,000. Renaissance Technologies LLC increased its stake in shares of Frontline by 27.5% during the fourth quarter. Renaissance Technologies LLC now owns 1,378,037 shares of the shipping company’s stock worth $19,554,000 after purchasing an additional 297,437 shares during the period. Marshall Wace LLP increased its stake in shares of Frontline by 137.2% during the fourth quarter. Marshall Wace LLP now owns 1,090,427 shares of the shipping company’s stock worth $15,473,000 after purchasing an additional 630,685 shares during the period. Finally, Hartree Partners LP lifted its holdings in Frontline by 482.6% during the 4th quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company’s stock worth $15,047,000 after purchasing an additional 878,885 shares during the last quarter. Institutional investors and hedge funds 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.