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

Frontline plc (NYSE:FROGet Free Report) was the recipient of a significant growth in short interest during the month of 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 daily trading volume, of 2,350,000 shares, the days-to-cover ratio is presently 3.0 days. Currently, 4.9% of the company’s stock are short sold.

Wall Street Analyst Weigh In

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

View Our Latest Stock Analysis on FRO

Frontline Stock Performance

Shares of FRO traded down $0.31 during mid-day trading on Tuesday, hitting $23.62. 1,465,191 shares of the company’s stock were exchanged, compared to its average volume of 2,312,835. Frontline has a fifty-two week low of $13.35 and a fifty-two week high of $24.53. The firm has a market capitalization of $5.26 billion, a P/E ratio of 8.01 and a beta of 0.06. The business’s 50 day moving average is $22.93 and its two-hundred day moving average is $21.40. The company has a current ratio of 1.78, a quick ratio of 1.79 and a debt-to-equity ratio of 1.40.

Frontline (NYSE:FROGet Free Report) last announced its earnings results on Thursday, February 29th. The shipping company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.05). Frontline had a return on equity of 26.00% and a net margin of 35.95%. The business had revenue of $415.00 million for the quarter, compared to analyst estimates of $280.36 million. During the same quarter last year, the company posted $0.97 EPS. Frontline’s quarterly revenue was down 21.7% on a year-over-year basis. On average, equities analysts expect that Frontline will post 3.01 earnings per share for the current year.

Frontline Increases Dividend

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

Institutional Investors Weigh In On Frontline

A number of institutional investors have recently added to or reduced their stakes in FRO. Millennium Management LLC boosted its holdings in Frontline by 102.7% in the 4th 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 in the last quarter. Bank of New York Mellon Corp boosted its holdings in Frontline by 594.5% in the 3rd 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 in the last quarter. M&G Investment Management Ltd. purchased a new stake in Frontline in the 4th quarter valued at approximately $27,883,000. UBS Group AG boosted its holdings in Frontline by 591.4% in the 1st 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 in the last quarter. Finally, Morgan Stanley boosted its holdings in Frontline by 124.7% in the 3rd 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 in the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Company Profile

(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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