Frontline (NYSE:FRO) Shares Pass Above 200 Day Moving Average – What’s Next?

Frontline PLC (NYSE:FRO)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $23.08 and traded as high as $29.39. Frontline shares last traded at $29.07, with a volume of 2,473,392 shares.

Wall Street Analyst Weigh In

A number of analysts recently commented on FRO shares. Evercore increased their price target on Frontline from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, October 28th. Clarkson Capital raised Frontline from a “neutral” rating to a “buy” rating in a research report on Monday, January 12th. BTIG Research lifted their target price on Frontline from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, February 4th. Weiss Ratings reissued a “hold (c)” rating on shares of Frontline in a report on Monday, December 29th. Finally, Jefferies Financial Group raised their price objective on shares of Frontline from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, November 21st. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $25.87.

Frontline Stock Performance

The company has a debt-to-equity ratio of 1.27, a current ratio of 1.37 and a quick ratio of 1.37. The company has a 50 day simple moving average of $24.44 and a 200-day simple moving average of $23.08. The stock has a market capitalization of $6.47 billion, a P/E ratio of 29.66 and a beta of 0.07.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Friday, November 21st. The shipping company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.04). Frontline had a return on equity of 8.89% and a net margin of 12.23%.The firm had revenue of $257.04 million during the quarter, compared to analysts’ expectations of $265.23 million. During the same period last year, the business posted $0.34 EPS. On average, equities analysts forecast that Frontline PLC will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 12th were paid a $0.19 dividend. The ex-dividend date was Friday, December 12th. This represents a $0.76 annualized dividend and a dividend yield of 2.6%. Frontline’s dividend payout ratio (DPR) is presently 77.55%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of FRO. Financial Gravity Companies Inc. bought a new stake in Frontline during the 2nd quarter valued at $25,000. Sunbelt Securities Inc. purchased a new position in shares of Frontline in the third quarter valued at $41,000. Sound Income Strategies LLC bought a new stake in shares of Frontline during the 4th quarter valued at $53,000. Caitong International Asset Management Co. Ltd lifted its holdings in Frontline by 3,353.0% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 4,627 shares of the shipping company’s stock worth $76,000 after purchasing an additional 4,493 shares in the last quarter. Finally, CIBC Private Wealth Group LLC bought a new position in Frontline in the 3rd quarter worth about $80,000. 22.70% of the stock is owned by institutional investors.

Frontline Company Profile

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.