Frontline (NYSE:FRO) Stock Price Crosses Above 200 Day Moving Average – Should You Sell?

Frontline PLC (NYSE:FRO)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $30.54 and traded as high as $34.66. Frontline shares last traded at $34.1540, with a volume of 2,186,806 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have recently commented on FRO shares. Dnb Carnegie downgraded shares of Frontline from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. Weiss Ratings raised shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. BTIG Research upped their price objective on shares of Frontline from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Piper Sandler downgraded shares of Frontline to a “neutral” rating in a research note on Friday, February 27th. Finally, Wall Street Zen raised shares of Frontline from a “hold” rating to a “buy” rating in a research note on Saturday, April 4th. Four research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $39.12.

Frontline Stock Up 3.0%

The stock’s 50 day simple moving average is $36.04 and its two-hundred day simple moving average is $30.57. The firm has a market cap of $7.84 billion, a P/E ratio of 8.67 and a beta of 0.02. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.03 and a quick ratio of 2.03.

Frontline Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th will be paid a dividend of $1.55 per share. This is a positive change from Frontline’s previous quarterly dividend of $1.03. This represents a $6.20 dividend on an annualized basis and a dividend yield of 17.6%. The ex-dividend date of this dividend is Friday, June 12th. Frontline’s payout ratio is 101.48%.

Hedge Funds Weigh In On Frontline

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Parallel Advisors LLC increased its stake in shares of Frontline by 58.9% during the first quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock valued at $46,000 after purchasing an additional 486 shares in the last quarter. NewEdge Advisors LLC bought a new position in shares of Frontline during the first quarter valued at approximately $912,000. Optiver Holding B.V. bought a new position in shares of Frontline during the first quarter valued at approximately $175,000. Cozad Asset Management Inc. increased its stake in shares of Frontline by 3.5% during the first quarter. Cozad Asset Management Inc. now owns 13,152 shares of the shipping company’s stock valued at $458,000 after purchasing an additional 445 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Frontline by 46.8% during the first quarter. Bank of America Corp DE now owns 809,904 shares of the shipping company’s stock valued at $28,233,000 after purchasing an additional 258,189 shares in the last quarter. Institutional investors own 22.70% of the company’s stock.

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.