Frontline Sees Unusually High Options Volume (NYSE:FRO)

Frontline PLC (NYSE:FRO) was the recipient of some unusual options trading on Tuesday. Investors acquired 9,799 call options on the stock. This represents an increase of approximately 46% compared to the average daily volume of 6,696 call options.

Frontline Stock Up 1.5%

Frontline stock traded up $0.80 during trading on Thursday, reaching $54.47. The stock had a trading volume of 3,393,316 shares, compared to its average volume of 3,249,419. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.69. Frontline has a 52-week low of $20.47 and a 52-week high of $54.85. The stock has a market cap of $12.13 billion, a PE ratio of 8.18 and a beta of 0.05. The business has a 50 day moving average price of $41.88 and a 200 day moving average price of $38.16.

Frontline (NYSE:FRO) last released its quarterly earnings data on Friday, August 28th. The shipping company reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.74 by ($0.13). The firm had revenue of $943.30 million for the quarter, compared to analysts’ expectations of $758.89 million. Frontline had a return on equity of 44.24% and a net margin of 49.47%.Frontline’s revenue for the quarter was up 96.5% on a year-over-year basis. During the same period last year, the firm posted $0.36 earnings per share.

Frontline Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Friday, September 18th will be given a $2.61 dividend. This represents a $10.44 dividend on an annualized basis and a yield of 19.2%. This is a boost from Frontline’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Friday, September 18th. Frontline’s dividend payout ratio is presently 92.95%.

Institutional Investors Weigh In On Frontline

Several large investors have recently modified their holdings of the company. WINTON GROUP Ltd grew its position in Frontline by 72.0% during the 2nd quarter. WINTON GROUP Ltd now owns 12,900 shares of the shipping company’s stock worth $449,000 after purchasing an additional 5,400 shares during the last quarter. Integrated Wealth Concepts LLC increased its position in Frontline by 13.9% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 22,969 shares of the shipping company’s stock valued at $799,000 after acquiring an additional 2,810 shares during the period. NewEdge Advisors LLC lifted its position in Frontline by 3.7% during the 2nd quarter. NewEdge Advisors LLC now owns 27,115 shares of the shipping company’s stock worth $943,000 after acquiring an additional 957 shares during the period. Amundi boosted its holdings in shares of Frontline by 162.6% in the second quarter. Amundi now owns 847,488 shares of the shipping company’s stock valued at $29,809,000 after acquiring an additional 524,804 shares in the last quarter. Finally, Triumph Capital Management lifted its position in Frontline by 131.0% in the second quarter. Triumph Capital Management now owns 8,931 shares of the shipping company’s stock valued at $311,000 after purchasing an additional 5,064 shares during the period. 22.70% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FRO has been the topic of several research analyst reports. DZ Bank cut Frontline from a “hold” rating to a “sell” rating in a report on Friday, August 21st. Wall Street Zen raised Frontline from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 29th. BTIG Research boosted their target price on shares of Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Weiss Ratings raised Frontline from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, August 28th. Finally, Pareto Securities downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target on the stock. in a research note on Monday, May 25th. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $41.62.

About Frontline

Frontline plc is a maritime shipping company that owns and operates tankers engaged primarily in the transportation of crude oil and refined petroleum products. Its fleet has included very large crude carriers (VLCCs), Suezmax tankers and long-range product tankers, which transport energy commodities for oil companies, trading firms and other customers worldwide.

The company’s vessels operate on international shipping routes, serving major oil-producing, refining and consuming regions.