Frontline (NYSE:FRO) Reaches New 12-Month Low – What’s Next?

Frontline plc (NYSE:FRO)’s stock price reached a new 52-week low on Tuesday . The company traded as low as $18.02 and last traded at $18.07, with a volume of 3893948 shares traded. The stock had previously closed at $19.03.

Analysts Set New Price Targets

Several brokerages have issued reports on FRO. StockNews.com raised Frontline to a “sell” rating in a research note on Thursday, September 5th. Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a research note on Friday, September 27th. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a report on Monday, October 7th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $26.00 price target on shares of Frontline in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $27.26.

Frontline Stock Performance

The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 1.38. The company has a 50 day moving average price of $21.30 and a 200-day moving average price of $23.63.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). Frontline had a net margin of 29.42% and a return on equity of 19.73%. The company had revenue of $409.72 million for the quarter, compared to analysts’ expectations of $383.88 million. During the same quarter in the previous year, the firm posted $0.94 EPS. As a group, equities analysts anticipate that Frontline plc will post 1.88 EPS for the current year.

Frontline Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $0.62 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.48 annualized dividend and a dividend yield of 14.78%. Frontline’s dividend payout ratio is presently 93.23%.

Institutional Trading of Frontline

A number of institutional investors and hedge funds have recently modified their holdings of FRO. Godsey & Gibb Inc. bought a new position in shares of Frontline in the 3rd quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Frontline during the 2nd quarter worth $31,000. Summit Securities Group LLC grew its position in shares of Frontline by 75.0% during the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after acquiring an additional 600 shares during the period. Blue Trust Inc. increased its stake in shares of Frontline by 17,866.7% in the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock worth $56,000 after purchasing an additional 2,144 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in Frontline by 4,965.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock worth $116,000 after purchasing an additional 4,618 shares during the period. 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.