Frontline (NYSE:FRO) Shares Gap Down to $12.79

Frontline Ltd. (NYSE:FROGet Rating) gapped down prior to trading on Monday . The stock had previously closed at $12.79, but opened at $12.13. Frontline shares last traded at $13.14, with a volume of 116,319 shares changing hands.

Analyst Upgrades and Downgrades

FRO has been the subject of a number of analyst reports. StockNews.com lowered shares of Frontline from a “hold” rating to a “sell” rating in a research note on Monday. HC Wainwright boosted their target price on shares of Frontline from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Wednesday, May 25th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Frontline from $7.00 to $12.00 and gave the company a “hold” rating in a research note on Tuesday, September 6th. Finally, Jefferies Financial Group raised shares of Frontline from a “hold” rating to a “buy” rating in a research note on Tuesday, September 6th.

Frontline Price Performance

The business’s 50 day simple moving average is $11.17 and its 200-day simple moving average is $9.72. The stock has a market capitalization of $3.00 billion, a price-to-earnings ratio of 43.42 and a beta of 0.10. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.06 and a current ratio of 1.06.

Frontline (NYSE:FROGet Rating) last issued its quarterly earnings results on Wednesday, August 24th. The shipping company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. Frontline had a net margin of 7.18% and a return on equity of 0.01%. During the same period last year, the company posted ($0.12) earnings per share. Research analysts anticipate that Frontline Ltd. will post 1.24 earnings per share for the current year.

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 16th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date is Thursday, September 15th. Frontline’s dividend payout ratio is currently 193.55%.

Institutional Trading of Frontline

A number of institutional investors have recently made changes to their positions in the stock. Folketrygdfondet lifted its stake in shares of Frontline by 10,513.0% in the 2nd quarter. Folketrygdfondet now owns 10,740,390 shares of the shipping company’s stock worth $95,160,000 after acquiring an additional 10,639,190 shares during the period. Vanguard Group Inc. boosted its position in Frontline by 7.0% during the first quarter. Vanguard Group Inc. now owns 4,457,223 shares of the shipping company’s stock valued at $39,225,000 after purchasing an additional 293,141 shares during the last quarter. State Street Corp boosted its position in Frontline by 6.0% during the second quarter. State Street Corp now owns 1,933,151 shares of the shipping company’s stock valued at $17,128,000 after purchasing an additional 110,053 shares during the last quarter. Renaissance Technologies LLC boosted its position in Frontline by 215.9% during the second quarter. Renaissance Technologies LLC now owns 1,018,386 shares of the shipping company’s stock valued at $9,062,000 after purchasing an additional 696,057 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Frontline by 65.6% in the first quarter. Goldman Sachs Group Inc. now owns 974,679 shares of the shipping company’s stock worth $8,577,000 after buying an additional 386,168 shares during the last quarter. 26.59% of the stock is owned by institutional investors and hedge funds.

About Frontline

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Frontline Ltd., 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, 2021, 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 Hamilton, Bermuda.

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