Frontline Ltd (NYSE:FRO) Sees Large Increase in Short Interest

Frontline Ltd (NYSE:FRO) was the target of a significant growth in short interest during the month of May. As of May 15th, there was short interest totalling 4,780,000 shares, a growth of 10.6% from the April 30th total of 4,320,000 shares. Based on an average daily volume of 4,480,000 shares, the days-to-cover ratio is presently 1.1 days. Currently, 4.9% of the shares of the company are short sold.

Frontline stock opened at $8.01 on Thursday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.45 and a current ratio of 0.53. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 10.86 and a beta of 0.48. Frontline has a fifty-two week low of $6.09 and a fifty-two week high of $13.33. The stock’s fifty day moving average is $8.89 and its two-hundred day moving average is $9.79.

Frontline (NYSE:FRO) last posted its earnings results on Wednesday, May 20th. The shipping company reported $0.91 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.95 by ($0.04). Frontline had a net margin of 14.62% and a return on equity of 11.51%. During the same period last year, the business posted $0.27 earnings per share. As a group, sell-side analysts forecast that Frontline will post 2.51 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Thursday, June 4th will be issued a $0.70 dividend. This is a positive change from Frontline’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Wednesday, June 3rd. This represents a $2.80 annualized dividend and a yield of 34.96%. Frontline’s dividend payout ratio is 195.12%.

A number of institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC grew its holdings in Frontline by 3.0% in the fourth quarter. Renaissance Technologies LLC now owns 2,856,605 shares of the shipping company’s stock valued at $36,533,000 after purchasing an additional 82,917 shares during the last quarter. FMR LLC grew its holdings in Frontline by 217,430,900.0% in the fourth quarter. FMR LLC now owns 2,174,310 shares of the shipping company’s stock valued at $27,962,000 after purchasing an additional 2,174,309 shares during the last quarter. Phoenix Holdings Ltd. grew its holdings in Frontline by 281.8% in the first quarter. Phoenix Holdings Ltd. now owns 1,617,647 shares of the shipping company’s stock valued at $15,184,000 after purchasing an additional 1,193,935 shares during the last quarter. Victory Capital Management Inc. acquired a new stake in Frontline in the fourth quarter valued at $13,503,000. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Frontline by 85.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,114,967 shares of the shipping company’s stock valued at $14,339,000 after acquiring an additional 513,277 shares during the last quarter. 20.88% of the stock is currently owned by institutional investors.

Several equities research analysts have recently commented on the company. DNB Markets cut Frontline from a “buy” rating to a “hold” rating and set a $8.75 price target for the company. in a research note on Monday, March 9th. ValuEngine cut Frontline from a “sell” rating to a “strong sell” rating in a research report on Thursday, April 30th. Zacks Investment Research upgraded Frontline from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Tuesday, March 31st. Finally, Jefferies Financial Group upgraded Frontline from a “hold” rating to a “buy” rating and cut their price objective for the stock from $12.00 to $10.00 in a research report on Tuesday, March 24th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $12.55.

Frontline Company Profile

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, 2018, the company's fleet consisted of 61 vessels, which included very large crude carrier, Suezmax, and LR2/Aframax tankers with an aggregate capacity of approximately 11.6 million deadweight ton.

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