Short Interest in Frontline plc (NYSE:FRO) Expands By 10.3%

Frontline plc (NYSE:FRO) was the recipient of a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 6,080,000 shares, an increase of 10.3% from the December 15th total of 5,510,000 shares. Based on an average trading volume of 2,820,000 shares, the days-to-cover ratio is presently 2.2 days. Approximately 4.3% of the shares of the company are short sold.

Frontline Stock Performance

Shares of Frontline stock traded down $0.13 on Monday, hitting $17.36. The stock had a trading volume of 4,011,623 shares, compared to its average volume of 2,416,114. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of 7.09 and a beta of 0.01. The business’s 50 day moving average is $16.29 and its two-hundred day moving average is $20.59. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. Frontline has a twelve month low of $13.17 and a twelve month high of $29.39.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Wednesday, November 27th. The shipping company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.05). Frontline had a net margin of 25.64% and a return on equity of 19.25%. During the same period last year, the business earned $0.36 earnings per share. Analysts forecast that Frontline will post 1.83 EPS for the current year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 7.83%. The ex-dividend date was Wednesday, December 11th. Frontline’s dividend payout ratio (DPR) is 55.51%.

Analysts Set New Price Targets

Several research firms have recently weighed in on FRO. Jefferies Financial Group lowered their price objective on shares of Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, December 17th. Kepler Capital Markets lowered Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective on the stock. in a research note on Thursday, December 12th. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a research note on Friday, September 27th. Finally, BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a research note on Monday, October 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Frontline has an average rating of “Moderate Buy” and an average price target of $24.03.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC bought a new stake in shares of Frontline in the third quarter valued at approximately $783,000. Charles Schwab Investment Management Inc. increased its stake in Frontline by 102.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 43,494 shares of the shipping company’s stock worth $994,000 after acquiring an additional 22,022 shares during the period. Range Financial Group LLC acquired a new position in Frontline in the 4th quarter valued at $579,000. Edge Capital Group LLC lifted its position in shares of Frontline by 31.8% during the 2nd quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company’s stock valued at $10,641,000 after acquiring an additional 99,765 shares during the period. Finally, Harbour Capital Advisors LLC acquired a new stake in shares of Frontline during the 4th quarter worth $439,000. 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.