Frontline (NYSE:FRO) Shares Gap Down – Here’s What Happened

Frontline PLC (NYSE:FRO)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $21.82, but opened at $21.21. Frontline shares last traded at $21.0460, with a volume of 124,003 shares.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Jefferies Financial Group lifted their target price on shares of Frontline from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, November 21st. BTIG Research raised their price target on shares of Frontline from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, September 17th. Evercore ISI lifted their price target on shares of Frontline from $22.00 to $26.00 and gave the stock an “outperform” rating in a report on Tuesday, October 28th. Wall Street Zen raised shares of Frontline from a “sell” rating to a “hold” rating in a research note on Friday, September 26th. Finally, Clarkson Capital raised Frontline to a “hold” rating in a research report on Monday, November 24th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Frontline presently has a consensus rating of “Hold” and a consensus target price of $24.62.

Frontline Stock Performance

The company’s 50-day moving average price is $23.45 and its two-hundred day moving average price is $21.52. The company has a market capitalization of $4.59 billion, a price-to-earnings ratio of 21.03 and a beta of 0.08. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.37 and a quick ratio of 1.37.

Frontline (NYSE:FRO) last released its earnings results on Friday, November 21st. The shipping company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.04). Frontline had a net margin of 12.23% and a return on equity of 8.89%. The firm had revenue of $257.04 million during the quarter, compared to analyst estimates of $265.23 million. During the same quarter in the previous year, the firm earned $0.34 EPS. On average, equities research analysts anticipate that Frontline PLC will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 12th were given a dividend of $0.19 per share. The ex-dividend date was Friday, December 12th. This represents a $0.76 annualized dividend and a dividend yield of 3.7%. Frontline’s dividend payout ratio is presently 77.55%.

Hedge Funds Weigh In On Frontline

Several institutional investors have recently added to or reduced their stakes in FRO. Financial Gravity Companies Inc. acquired a new stake in shares of Frontline during the 2nd quarter worth approximately $25,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Frontline during the second quarter worth $33,000. Bayforest Capital Ltd acquired a new stake in Frontline in the first quarter worth $34,000. Sunbelt Securities Inc. bought a new stake in Frontline in the third quarter valued at $41,000. Finally, Caitong International Asset Management Co. Ltd increased its stake in Frontline by 3,353.0% in the second quarter. Caitong International Asset Management Co. Ltd now owns 4,627 shares of the shipping company’s stock valued at $76,000 after purchasing an additional 4,493 shares in the last quarter. 22.70% of the stock is owned by institutional investors and hedge funds.

About Frontline

Frontline Ltd. (NYSE:FRO) is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company’s core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline’s fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.