Frontline (NYSE:FRO) Trading Up 6.4%

Frontline plc (NYSE:FRO) shares shot up 6.4% on Monday . The stock traded as high as $25.58 and last traded at $25.49. 1,525,360 shares were traded during trading, a decline of 17% from the average session volume of 1,839,792 shares. The stock had previously closed at $23.96.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FRO. Jefferies Financial Group reiterated a “buy” rating and set a $30.00 price objective on shares of Frontline in a report on Thursday, May 30th. StockNews.com downgraded Frontline from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st.

Frontline Stock Up 6.6 %

The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $5.69 billion, a PE ratio of 8.83 and a beta of 0.03. The stock’s fifty day simple moving average is $25.98 and its 200-day simple moving average is $24.11.

Frontline (NYSE:FRO) last released its quarterly earnings results 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). The firm had revenue of $578.40 million for the quarter, compared to analysts’ expectations of $380.73 million. Frontline had a return on equity of 23.14% and a net margin of 32.94%. The firm’s revenue for the quarter was up 16.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.87 earnings per share. As a group, sell-side analysts forecast that Frontline plc will post 3.43 EPS for the current fiscal year.

Frontline Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 9.71%. This is an increase from Frontline’s previous quarterly dividend of $0.37. The ex-dividend date was Friday, June 14th. Frontline’s dividend payout ratio (DPR) is presently 86.71%.

Institutional Trading of Frontline

Hedge funds have recently bought and sold shares of the business. ICA Group Wealth Management LLC bought a new stake in shares of Frontline during the 4th quarter worth $25,000. Naples Money Management LLC bought a new stake in Frontline in the fourth quarter worth about $27,000. Blue Trust Inc. raised its position in Frontline by 17,866.7% in the second quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock worth $56,000 after acquiring an additional 2,144 shares during the period. Russell Investments Group Ltd. boosted its stake in Frontline by 169.2% in the fourth quarter. Russell Investments Group Ltd. now owns 3,928 shares of the shipping company’s stock valued at $79,000 after acquiring an additional 2,469 shares during the last quarter. Finally, Emfo LLC bought a new position in shares of Frontline during the 4th quarter valued at approximately $80,000. 22.70% of the stock is currently owned by institutional investors.

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.