Frontline (NYSE:FRO) Shares Gap Down – Here’s What Happened

Frontline PLC (NYSE:FRO)’s share price gapped down before the market opened on Friday . The stock had previously closed at $37.13, but opened at $35.71. Frontline shares last traded at $37.1020, with a volume of 685,419 shares changing hands.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Danske downgraded shares of Frontline to a “hold” rating in a research report on Tuesday, May 26th. Evercore downgraded shares of Frontline from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Wall Street Zen raised shares of Frontline from a “hold” rating to a “buy” rating in a research report on Saturday, April 4th. Piper Sandler downgraded shares of Frontline to a “neutral” rating in a research report on Friday, February 27th. Finally, Weiss Ratings raised shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, May 22nd. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $39.12.

Frontline Trading Up 3.4%

The stock has a market cap of $8.55 billion, a P/E ratio of 9.44 and a beta of 0.02. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.83. The stock’s fifty day moving average price is $36.23 and its 200 day moving average price is $30.91.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Friday, May 22nd. The shipping company reported $1.55 earnings per share for the quarter, missing the consensus estimate of $1.58 by ($0.03). The company had revenue of $714.24 million during the quarter, compared to analysts’ expectations of $579.59 million. Frontline had a return on equity of 27.80% and a net margin of 36.70%.The business’s quarterly revenue was up 66.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.18 EPS.

Frontline Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Friday, June 12th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 16.1%. The ex-dividend date is Friday, June 12th. This is an increase from Frontline’s previous quarterly dividend of $1.03. Frontline’s dividend payout ratio (DPR) is currently 101.48%.

Hedge Funds Weigh In On Frontline

A number of hedge funds have recently bought and sold shares of FRO. University of Texas Texas AM Investment Management Co. purchased a new stake in Frontline during the 4th quarter valued at about $25,000. Assetmark Inc. grew its position in Frontline by 278.6% during the 1st quarter. Assetmark Inc. now owns 973 shares of the shipping company’s stock valued at $34,000 after purchasing an additional 716 shares during the last quarter. Sunbelt Securities Inc. purchased a new stake in Frontline during the 3rd quarter valued at about $41,000. Parallel Advisors LLC grew its position in Frontline by 58.9% during the 1st quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock valued at $46,000 after purchasing an additional 486 shares during the last quarter. Finally, NFSG Corp grew its position in Frontline by 50.0% during the 1st quarter. NFSG Corp now owns 1,500 shares of the shipping company’s stock valued at $52,000 after purchasing an additional 500 shares during the last quarter. Institutional investors own 22.70% of the company’s stock.

About Frontline

Frontline Ltd. (NYSE:FRO) is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company’s core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline’s fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.