Frontline (NYSE:FRO) Shares Gap Down to $17.84

Frontline plc (NYSE:FROGet Rating) gapped down prior to trading on Wednesday . The stock had previously closed at $17.84, but opened at $15.96. Frontline shares last traded at $15.83, with a volume of 1,123,323 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FRO. StockNews.com began coverage on Frontline in a research report on Friday. They set a “hold” rating for the company. Deutsche Bank Aktiengesellschaft boosted their price objective on Frontline from $16.50 to $19.00 and gave the stock a “hold” rating in a research report on Monday, March 6th. TheStreet raised Frontline from a “c” rating to a “b-” rating in a research report on Wednesday, November 30th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $22.00 price objective on shares of Frontline in a research report on Tuesday, February 28th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $17.00.

Frontline Stock Performance

The firm has a 50 day moving average of $15.72 and a two-hundred day moving average of $13.74. The stock has a market cap of $3.52 billion, a PE ratio of 7.36 and a beta of 0.21. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.25 and a quick ratio of 1.63.

Frontline (NYSE:FROGet Rating) last posted its earnings results on Tuesday, February 28th. The shipping company reported $0.97 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.11). The business had revenue of $530.10 million for the quarter, compared to analysts’ expectations of $363.39 million. Frontline had a return on equity of 17.21% and a net margin of 33.05%. Frontline’s revenue for the quarter was up 148.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.02) EPS. Research analysts predict that Frontline plc will post 3.26 EPS for the current fiscal year.

Frontline Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Thursday, March 16th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, March 15th. This represents a $1.20 dividend on an annualized basis and a yield of 7.59%. This is a boost from Frontline’s previous quarterly dividend of $0.15. Frontline’s payout ratio is currently 6.98%.

Institutional Investors Weigh In On Frontline

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sei Investments Co. lifted its stake in Frontline by 0.9% in the fourth quarter. Sei Investments Co. now owns 96,726 shares of the shipping company’s stock valued at $1,174,000 after buying an additional 833 shares during the last quarter. Credit Suisse AG lifted its stake in Frontline by 1.0% in the fourth quarter. Credit Suisse AG now owns 112,105 shares of the shipping company’s stock valued at $1,361,000 after buying an additional 1,153 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Frontline by 10.9% in the second quarter. Price T Rowe Associates Inc. MD now owns 12,018 shares of the shipping company’s stock valued at $106,000 after buying an additional 1,178 shares during the last quarter. Navellier & Associates Inc. lifted its stake in Frontline by 0.9% in the fourth quarter. Navellier & Associates Inc. now owns 142,529 shares of the shipping company’s stock valued at $1,730,000 after buying an additional 1,298 shares during the last quarter. Finally, Amundi lifted its stake in Frontline by 46.2% in the second quarter. Amundi now owns 4,389 shares of the shipping company’s stock valued at $37,000 after buying an additional 1,386 shares during the last quarter. Hedge funds and other institutional investors own 35.91% of the company’s stock.

Frontline Company Profile

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Frontline Plc is an international shipping company, which engages in the ownership and operation of oil and product tankers. It also offers the seaborne transportation of crude oil and oil products. The company was founded in 1985 and is headquartered in Limmasol, Cyprus.

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