Frontline (NYSE:FRO) Reaches New 52-Week Low – Here’s Why

Frontline plc (NYSE:FRO)’s stock price hit 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.

Wall Street Analyst Weigh In

A number of analysts have issued reports on FRO shares. Fearnley Fonds upgraded shares of Frontline to a “strong-buy” rating in a report on Friday, September 27th. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a report on Monday, October 7th. StockNews.com raised Frontline to a “sell” rating in a report on Thursday, September 5th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $26.00 target price on shares of Frontline in a report 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.26.

Frontline Stock Performance

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

Frontline (NYSE:FRO) last announced its quarterly earnings results 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). The firm had revenue of $409.72 million during the quarter, compared to analysts’ expectations of $383.88 million. Frontline had a net margin of 29.42% and a return on equity of 19.73%. During the same quarter in the previous year, the firm posted $0.94 EPS. On average, equities analysts expect that Frontline plc will post 1.88 EPS for the current fiscal year.

Frontline Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a dividend of $0.62 per share. 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 currently 93.23%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FRO. International Assets Investment Management LLC bought a new position in shares of Frontline during the third quarter valued at approximately $783,000. Edge Capital Group LLC boosted its position in 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 in the last quarter. FCG Investment Co purchased a new position in shares of Frontline in the 3rd quarter valued at $823,000. Sanctuary Advisors LLC purchased a new position in shares of Frontline in the 2nd quarter valued at $548,000. Finally, Vanguard Group Inc. raised its position in shares of Frontline by 5,319.5% in the 1st quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company’s stock worth $123,750,000 after acquiring an additional 5,195,312 shares in the last quarter. 22.70% of the stock is currently owned by institutional investors.

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.