Short Interest in Frontline plc (NYSE:FRO) Expands By 13.9%

Frontline plc (NYSE:FROGet Free Report) saw a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 6,950,000 shares, a growth of 13.9% from the February 29th total of 6,100,000 shares. Approximately 4.9% of the shares of the company are short sold. Based on an average daily trading volume, of 2,350,000 shares, the days-to-cover ratio is presently 3.0 days.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Frontline by 4.8% during the third quarter. Vanguard Group Inc. now owns 4,717,845 shares of the shipping company’s stock worth $51,567,000 after acquiring an additional 214,352 shares during the period. Two Sigma Advisers LP grew its holdings in Frontline by 4.6% during the first quarter. Two Sigma Advisers LP now owns 4,684,450 shares of the shipping company’s stock worth $77,574,000 after acquiring an additional 207,450 shares during the period. Millennium Management LLC grew its holdings in Frontline by 102.7% during the fourth quarter. Millennium Management LLC now owns 4,483,826 shares of the shipping company’s stock worth $54,434,000 after acquiring an additional 2,271,724 shares during the period. Renaissance Technologies LLC increased its stake in Frontline by 1.6% in the 2nd quarter. Renaissance Technologies LLC now owns 2,825,193 shares of the shipping company’s stock worth $41,027,000 after purchasing an additional 44,909 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Frontline by 594.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,360,781 shares of the shipping company’s stock worth $25,804,000 after purchasing an additional 2,020,869 shares in the last quarter. 22.70% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FRO has been the topic of a number of recent research reports. JPMorgan Chase & Co. cut their target price on Frontline from $23.00 to $22.30 and set a “neutral” rating on the stock in a research note on Friday, March 1st. StockNews.com upgraded Frontline from a “sell” rating to a “hold” rating in a research note on Thursday, December 7th. Jefferies Financial Group raised Frontline from a “hold” rating to a “buy” rating and raised their price target for the company from $22.00 to $30.00 in a report on Thursday, March 21st. Finally, Deutsche Bank Aktiengesellschaft raised Frontline from a “hold” rating to a “buy” rating and raised their price target for the company from $17.00 to $26.00 in a report on Tuesday, January 9th.

Get Our Latest Analysis on FRO

Frontline Stock Performance

Shares of FRO traded down $0.31 during trading hours on Tuesday, reaching $23.62. 1,465,191 shares of the company’s stock traded hands, compared to its average volume of 2,312,835. The firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of 8.01 and a beta of 0.06. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.78 and a quick ratio of 1.79. Frontline has a twelve month low of $13.35 and a twelve month high of $24.53. The business’s fifty day simple moving average is $22.93 and its two-hundred day simple moving average is $21.40.

Frontline (NYSE:FROGet Free Report) last issued its quarterly earnings results on Thursday, February 29th. The shipping company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.05). The business had revenue of $415.00 million for the quarter, compared to analyst estimates of $280.36 million. Frontline had a net margin of 35.95% and a return on equity of 26.00%. Frontline’s revenue for the quarter was down 21.7% on a year-over-year basis. During the same period last year, the business posted $0.97 earnings per share. Analysts predict that Frontline will post 3.01 earnings per share for the current year.

Frontline Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Friday, March 15th were issued a dividend of $0.37 per share. This is a positive change from Frontline’s previous quarterly dividend of $0.30. This represents a $1.48 dividend on an annualized basis and a yield of 6.27%. The ex-dividend date of this dividend was Thursday, March 14th. Frontline’s payout ratio is presently 50.17%.

Frontline Company Profile

(Get Free Report)

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.

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