Short Interest in Frontline plc (NYSE:FRO) Grows By 5.4%

Frontline plc (NYSE:FRO) saw a large growth in short interest during the month of July. As of July 15th, there was short interest totalling 6,970,000 shares, a growth of 5.4% from the June 30th total of 6,610,000 shares. Based on an average trading volume of 1,420,000 shares, the short-interest ratio is presently 4.9 days. Currently, 4.9% of the company’s stock are sold short.

Analyst Ratings Changes

A number of research firms have issued reports on FRO. Evercore ISI cut their price target on Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Jefferies Financial Group reiterated a “buy” rating and set a $30.00 price target on shares of Frontline in a report on Thursday, May 30th. Finally, StockNews.com lowered Frontline from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $27.58.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ICA Group Wealth Management LLC purchased a new stake in shares of Frontline during the 4th quarter worth approximately $25,000. Naples Money Management LLC purchased a new stake in Frontline in the fourth quarter worth $27,000. Summit Securities Group LLC raised its stake in shares of Frontline by 75.0% in the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after buying an additional 600 shares during the period. Blue Trust Inc. lifted its position in shares of Frontline by 17,866.7% during the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock valued at $56,000 after buying an additional 2,144 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Frontline by 169.2% during the 4th quarter. Russell Investments Group Ltd. now owns 3,928 shares of the shipping company’s stock worth $79,000 after acquiring an additional 2,469 shares during the period. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Stock Performance

Shares of NYSE FRO traded down $0.42 during midday trading on Thursday, reaching $24.19. The company’s stock had a trading volume of 1,346,510 shares, compared to its average volume of 1,807,905. The stock has a market capitalization of $5.39 billion, a P/E ratio of 8.45 and a beta of 0.03. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.75 and a quick ratio of 1.75. The firm has a 50 day moving average price of $25.55 and a 200-day moving average price of $24.24. Frontline has a 12-month low of $15.94 and a 12-month high of $29.39.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Thursday, May 30th. The shipping company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.24). Frontline had a return on equity of 23.14% and a net margin of 32.94%. The business had revenue of $578.40 million during the quarter, compared to analysts’ expectations of $380.73 million. During the same period in the prior year, the firm posted $0.87 EPS. The firm’s revenue for the quarter was up 16.3% on a year-over-year basis. As a group, equities analysts predict that Frontline will post 3.06 earnings per share for the current year.

Frontline Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 10.25%. The ex-dividend date was Friday, June 14th. This is an increase from Frontline’s previous quarterly dividend of $0.37. Frontline’s dividend payout ratio (DPR) is 86.71%.

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.