Frontline (NYSE:FRO) Sets New 52-Week Low – Here’s What Happened

Frontline plc (NYSE:FRO)’s share price reached a new 52-week low during trading on Thursday . The stock traded as low as $13.71 and last traded at $13.73, with a volume of 4125420 shares. The stock had previously closed at $14.22.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Jefferies Financial Group restated a “buy” rating and set a $26.00 target price on shares of Frontline in a research report on Wednesday, November 27th. StockNews.com upgraded Frontline to a “sell” rating in a research report on Thursday, September 5th. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a research report on Friday, September 27th. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a research report on Monday, October 7th. Finally, Kepler Capital Markets cut Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price for the company. in a research report on Thursday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $25.36.

Frontline Price Performance

The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The business has a 50 day moving average price of $19.32 and a two-hundred day moving average price of $22.58.

Frontline (NYSE:FRO) last released its earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates 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 prior year, the business posted $0.36 earnings per share. Equities research analysts forecast that Frontline plc will post 1.83 earnings per share for the current year.

Frontline Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 9.57%. The ex-dividend date of this dividend is Wednesday, December 11th. Frontline’s dividend payout ratio (DPR) is presently 55.51%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Teachers Retirement System of The State of Kentucky raised its position in Frontline by 3.8% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 143,510 shares of the shipping company’s stock valued at $3,279,000 after purchasing an additional 5,200 shares during the last quarter. Vestcor Inc bought a new position in Frontline during the 3rd quarter valued at approximately $255,000. Public Employees Retirement System of Ohio bought a new position in shares of Frontline in the 3rd quarter worth approximately $998,000. IHT Wealth Management LLC raised its position in shares of Frontline by 3.5% in the 3rd quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock worth $359,000 after acquiring an additional 535 shares in the last quarter. Finally, Cinctive Capital Management LP raised its position in shares of Frontline by 120.8% in the 3rd quarter. Cinctive Capital Management LP now owns 104,557 shares of the shipping company’s stock worth $2,389,000 after acquiring an additional 57,206 shares in the last quarter. Institutional investors own 22.70% of the company’s stock.

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.