Frontline (NYSE:FRO) Shares Down 6.7% – Here’s What Happened

Shares of Frontline PLC (NYSE:FRO) traded down 6.7% on Thursday . The company traded as low as $36.24 and last traded at $35.8960. Approximately 390,203 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 3,550,838 shares. The stock had previously closed at $38.46.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Weiss Ratings raised Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, May 22nd. Pareto Securities lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target on the stock. in a research report on Monday, May 25th. BTIG Research boosted their price objective on shares of Frontline from $45.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Wall Street Zen raised shares of Frontline from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 27th. Finally, Evercore lowered shares of Frontline from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 21st. Four investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $41.62.

Frontline Price Performance

The stock has a market cap of $8.06 billion, a price-to-earnings ratio of 8.92 and a beta of 0.01. The stock has a fifty day simple moving average of $37.30 and a 200-day simple moving average of $32.94. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.83.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Friday, May 22nd. The shipping company reported $1.55 EPS for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.03). Frontline had a return on equity of 27.80% and a net margin of 36.70%.The business had revenue of $714.24 million for the quarter, compared to analyst estimates of $579.59 million. During the same quarter last year, the firm earned $0.18 earnings per share. The firm’s quarterly revenue was up 66.9% compared to the same quarter last year.

Frontline Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Friday, June 12th were given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 17.1%. This is an increase from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend was Friday, June 12th. Frontline’s payout ratio is presently 152.71%.

Institutional Trading of Frontline

A number of hedge funds have recently bought and sold shares of FRO. Vanguard Group Inc. grew its position in Frontline by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 5,903,785 shares of the shipping company’s stock worth $129,966,000 after purchasing an additional 63,432 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Frontline by 4,659.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,783,681 shares of the shipping company’s stock worth $202,080,000 after purchasing an additional 5,662,172 shares during the period. Balyasny Asset Management L.P. raised its position in shares of Frontline by 44.0% during the third quarter. Balyasny Asset Management L.P. now owns 2,247,120 shares of the shipping company’s stock valued at $51,212,000 after buying an additional 686,212 shares during the last quarter. UBS Group AG raised its position in shares of Frontline by 18.2% during the fourth quarter. UBS Group AG now owns 1,411,265 shares of the shipping company’s stock valued at $30,794,000 after buying an additional 217,760 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Frontline by 27.3% in the second quarter. The Manufacturers Life Insurance Company now owns 942,698 shares of the shipping company’s stock valued at $15,477,000 after buying an additional 202,142 shares during the period. 22.70% of the stock is owned by institutional investors.

About Frontline

Frontline Ltd. (NYSE:FRO) is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company’s core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline’s fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.