Frontline plc (NYSE:FRO) Short Interest Down 7.3% in November

Frontline plc (NYSE:FRO) was the target of a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 7,140,000 shares, a decrease of 7.3% from the October 31st total of 7,700,000 shares. Approximately 5.0% of the company’s shares are sold short. Based on an average daily trading volume, of 2,100,000 shares, the short-interest ratio is presently 3.4 days.

Frontline Trading Down 2.9 %

Shares of FRO stock traded down $0.47 during trading hours on Monday, reaching $15.71. The company had a trading volume of 4,277,747 shares, compared to its average volume of 1,884,719. 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 has a twelve month low of $15.54 and a twelve month high of $29.39. The stock’s fifty day simple moving average is $20.91 and its 200 day simple moving average is $23.41.

Frontline (NYSE:FRO) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $383.88 million. Frontline had a net margin of 25.64% and a return on equity of 19.23%. During the same quarter in the prior year, the business earned $0.94 EPS. Equities analysts forecast that Frontline will post 1.83 EPS for the current year.

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 8.66%. The ex-dividend date is Wednesday, December 11th. Frontline’s payout ratio is 101.22%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of FRO. Vanguard Group Inc. raised its stake 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 valued at $123,750,000 after purchasing an additional 5,195,312 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its stake in Frontline by 15.4% during the first quarter. B. Riley Wealth Advisors Inc. now owns 21,820 shares of the shipping company’s stock valued at $510,000 after buying an additional 2,905 shares in the last quarter. Cetera Advisors LLC grew its position in shares of Frontline by 40.1% in the 1st quarter. Cetera Advisors LLC now owns 14,634 shares of the shipping company’s stock worth $342,000 after acquiring an additional 4,187 shares in the last quarter. DekaBank Deutsche Girozentrale increased its holdings in shares of Frontline by 24.3% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 110,055 shares of the shipping company’s stock valued at $2,495,000 after acquiring an additional 21,500 shares during the last quarter. Finally, Csenge Advisory Group increased its holdings in shares of Frontline by 18.8% in the 2nd quarter. Csenge Advisory Group now owns 31,550 shares of the shipping company’s stock valued at $813,000 after acquiring an additional 4,982 shares during the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on FRO shares. StockNews.com upgraded Frontline to a “sell” rating in a report on Thursday, September 5th. Jefferies Financial Group reiterated a “buy” rating and issued a $26.00 price target on shares of Frontline in a report on Wednesday, November 27th. Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a research note on Friday, September 27th. Finally, BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a research report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $27.26.

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.