Frontline Target of Unusually High Options Trading (NYSE:FRO)

Frontline plc (NYSE:FRO) was the recipient of some unusual options trading activity on Friday. Traders purchased 8,865 call options on the stock. This is an increase of 96% compared to the typical daily volume of 4,512 call options.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Kepler Capital Markets set a $12.49 price objective on shares of Frontline in a report on Thursday, March 27th. Evercore ISI decreased their price target on 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 issued 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 a consensus price target of $20.62.

Hedge Funds Weigh In On Frontline

Hedge funds and other institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its position in Frontline by 65.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 71,972 shares of the shipping company’s stock valued at $1,021,000 after purchasing an additional 28,478 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Frontline in the fourth quarter valued at approximately $341,000. BNP Paribas Financial Markets bought a new stake in shares of Frontline during the fourth quarter valued at approximately $424,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Frontline during the fourth quarter worth approximately $342,000. Finally, Private Advisor Group LLC boosted its position in shares of Frontline by 164.0% during the fourth quarter. Private Advisor Group LLC now owns 28,053 shares of the shipping company’s stock worth $398,000 after buying an additional 17,428 shares during the period. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Price Performance

Shares of NYSE:FRO opened at $19.77 on Friday. The company has a market cap of $4.40 billion, a PE ratio of 8.07 and a beta of 0.28. Frontline has a fifty-two week low of $12.40 and a fifty-two week high of $26.53. The firm has a 50-day simple moving average of $16.94 and a 200 day simple moving average of $16.26. 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 (NYSE:FRO) last posted its earnings results on Friday, May 23rd. The shipping company reported $0.18 EPS for the quarter, meeting the consensus estimate of $0.18. The company had revenue of $427.87 million during the quarter, compared to analyst estimates of $252.26 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The business’s revenue was down 26.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.62 earnings per share. On average, sell-side analysts anticipate that Frontline will post 1.78 EPS for the current year.

Frontline Dividend Announcement

The business also recently announced a dividend, which will be paid on Tuesday, June 24th. Shareholders of record on Friday, June 13th will be paid a $0.18 dividend. This represents a yield of 3.97%. The ex-dividend date is Thursday, June 12th. Frontline’s payout ratio is 46.15%.

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.