Short Interest in Frontline plc (NYSE:FRO) Rises By 13.9%

Frontline plc (NYSE:FROGet Free Report) was the target of a significant growth in short interest in March. As of March 15th, there was short interest totalling 6,950,000 shares, a growth of 13.9% from the February 29th total of 6,100,000 shares. Based on an average trading volume of 2,350,000 shares, the short-interest ratio is currently 3.0 days. Approximately 4.9% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Frontline from $23.00 to $22.30 and set a “neutral” rating on the stock in a research note on Friday, March 1st. Deutsche Bank Aktiengesellschaft upgraded shares of Frontline from a “hold” rating to a “buy” rating and upped their target price for the stock from $17.00 to $26.00 in a research note on Tuesday, January 9th. Jefferies Financial Group upgraded shares of Frontline from a “hold” rating to a “buy” rating and upped their target price for the stock from $22.00 to $30.00 in a research note on Thursday, March 21st. Finally, StockNews.com upgraded shares of Frontline from a “sell” rating to a “hold” rating in a research report on Thursday, December 7th.

Read Our Latest Research Report on FRO

Frontline Price Performance

Shares of NYSE FRO traded down $0.31 during midday trading on Tuesday, reaching $23.62. The stock had a trading volume of 1,465,191 shares, compared to its average volume of 2,312,835. The stock has a 50-day moving average of $22.93 and a 200-day moving average of $21.40. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.79 and a current ratio of 1.78. The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of 8.01 and a beta of 0.06. Frontline has a 12-month low of $13.35 and a 12-month high of $24.53.

Frontline (NYSE:FROGet Free Report) last announced its quarterly earnings data on Thursday, February 29th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.05). The firm had revenue of $415.00 million during the quarter, compared to analysts’ expectations of $280.36 million. Frontline had a return on equity of 26.00% and a net margin of 35.95%. The business’s revenue for the quarter was down 21.7% on a year-over-year basis. During the same period last year, the company earned $0.97 earnings per share. As a group, research analysts anticipate that Frontline will post 3.01 EPS for the current fiscal year.

Frontline Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Friday, March 15th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 6.27%. This is a boost from Frontline’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Thursday, March 14th. Frontline’s dividend payout ratio (DPR) is presently 50.17%.

Hedge Funds Weigh In On Frontline

Several institutional investors have recently bought and sold shares of the stock. Millennium Management LLC lifted its position in Frontline by 102.7% during the fourth quarter. Millennium Management LLC now owns 4,483,826 shares of the shipping company’s stock valued at $54,434,000 after purchasing an additional 2,271,724 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Frontline by 594.5% during the third quarter. Bank of New York Mellon Corp now owns 2,360,781 shares of the shipping company’s stock valued at $25,804,000 after purchasing an additional 2,020,869 shares during the last quarter. M&G Investment Management Ltd. bought a new position in Frontline during the fourth quarter valued at $27,883,000. UBS Group AG lifted its position in Frontline by 591.4% during the first quarter. UBS Group AG now owns 1,451,457 shares of the shipping company’s stock valued at $24,036,000 after purchasing an additional 1,241,540 shares during the last quarter. Finally, Morgan Stanley lifted its position in Frontline by 124.7% during the third quarter. Morgan Stanley now owns 2,190,522 shares of the shipping company’s stock valued at $41,138,000 after purchasing an additional 1,215,624 shares during the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

About Frontline

(Get Free Report)

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.

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