Short Interest in Frontline plc (NYSE:FRO) Increases By 7.4%

Frontline plc (NYSE:FRO) was the target of a significant increase in short interest in October. As of October 31st, there was short interest totalling 7,700,000 shares, an increase of 7.4% from the October 15th total of 7,170,000 shares. Approximately 5.4% of the company’s stock are short sold. Based on an average trading volume of 1,920,000 shares, the short-interest ratio is currently 4.0 days.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a report on Friday, September 27th. StockNews.com upgraded shares of Frontline to a “sell” rating in a research note on Thursday, September 5th. Jefferies Financial Group dropped their price objective on shares of Frontline from $30.00 to $26.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Evercore ISI decreased their target price on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Finally, BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Frontline currently has an average rating of “Moderate Buy” and an average target price of $27.26.

Frontline Trading Up 1.3 %

NYSE FRO opened at $20.44 on Tuesday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40. The company has a fifty day moving average price of $21.68 and a 200-day moving average price of $23.87. Frontline has a 1 year low of $18.26 and a 1 year high of $29.39.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Friday, August 30th. The shipping company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.03). Frontline had a net margin of 29.42% and a return on equity of 19.73%. The firm had revenue of $409.72 million during the quarter, compared to analysts’ expectations of $383.88 million. During the same quarter last year, the business posted $0.94 EPS. As a group, sell-side analysts anticipate that Frontline will post 1.88 earnings per share for the current year.

Frontline Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a $0.62 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.48 annualized dividend and a yield of 12.13%. Frontline’s dividend payout ratio is currently 93.23%.

Institutional Investors Weigh In On Frontline

Large investors have recently made changes to their positions in the business. Godsey & Gibb Inc. bought a new position in Frontline during the third quarter valued at about $25,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Frontline during the 2nd quarter valued at approximately $31,000. Summit Securities Group LLC grew its position in shares of Frontline by 75.0% during the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after acquiring an additional 600 shares during the period. Blue Trust Inc. increased its stake in shares of Frontline by 17,866.7% during the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock worth $56,000 after purchasing an additional 2,144 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Frontline by 4,965.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock worth $116,000 after purchasing an additional 4,618 shares during the period. 22.70% of the stock is owned by hedge funds and other institutional investors.

Frontline Company Profile

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.