Frontline (NYSE:FRO) Sets New 1-Year Low – Time to Sell?

Frontline plc (NYSE:FRO)’s stock price hit a new 52-week low on Thursday . The company traded as low as $13.35 and last traded at $13.36, with a volume of 1099048 shares. The stock had previously closed at $13.78.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Fearnley Fonds upgraded shares of Frontline to a “strong-buy” rating in a research report on Friday, September 27th. Jefferies Financial Group reduced their target price on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday. BTIG Research raised shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Monday, October 7th. StockNews.com raised Frontline to a “sell” rating in a report on Thursday, September 5th. Finally, Kepler Capital Markets lowered Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price on the stock. in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $24.36.

Frontline Price Performance

The business’s 50 day moving average is $18.43 and its two-hundred day moving average is $22.17. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. The firm has a market capitalization of $2.98 billion and a PE ratio of 5.46.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a net margin of 25.64% and a return on equity of 19.25%. During the same period in the previous year, the firm earned $0.36 earnings per share. Equities research analysts anticipate that Frontline plc will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 10.16%. The ex-dividend date is Wednesday, December 11th. Frontline’s dividend payout ratio is presently 55.51%.

Institutional Trading of Frontline

Several institutional investors and hedge funds have recently bought and sold shares of FRO. Hsbc Holdings PLC increased its stake in Frontline by 7.7% in the 2nd quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company’s stock worth $50,683,000 after acquiring an additional 138,011 shares during the last quarter. Forest Avenue Capital Management LP increased its position in shares of Frontline by 12.7% in the second quarter. Forest Avenue Capital Management LP now owns 1,429,909 shares of the shipping company’s stock worth $36,834,000 after purchasing an additional 161,518 shares during the last quarter. M&G PLC raised its stake in Frontline by 27.2% in the third quarter. M&G PLC now owns 1,110,763 shares of the shipping company’s stock valued at $25,164,000 after purchasing an additional 237,446 shares in the last quarter. Smead Capital Management Inc. increased its holdings in shares of Frontline by 5.1% in the 3rd quarter. Smead Capital Management Inc. now owns 670,581 shares of the shipping company’s stock worth $15,188,000 after buying an additional 32,531 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Frontline by 1,326.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 527,470 shares of the shipping company’s stock valued at $12,053,000 after buying an additional 490,486 shares in the last quarter. 22.70% of the stock is currently owned by hedge funds and other 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.