Frontline (NYSE:FRO) Sees Large Volume Increase – Time to Buy?

Shares of Frontline PLC (NYSE:FRO) saw an uptick in trading volume on Monday . 2,055,327 shares traded hands during mid-day trading, a decline of 42% from the previous session’s volume of 3,551,260 shares.The stock last traded at $38.5570 and had previously closed at $39.07.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FRO. Weiss Ratings upgraded Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Dnb Carnegie lowered Frontline from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. Pareto Securities lowered Frontline from a “buy” rating to a “hold” rating and set a $39.46 price objective on the stock. in a research note on Monday, May 25th. Evercore lowered shares of Frontline from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Finally, Danske lowered shares of Frontline to a “hold” rating in a research report on Tuesday, May 26th. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Frontline has a consensus rating of “Hold” and a consensus target price of $39.12.

Frontline Stock Performance

The company has a market cap of $8.64 billion, a P/E ratio of 9.56 and a beta of 0.02. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.83. The stock has a 50 day moving average price of $36.42 and a two-hundred day moving average price of $31.23.

Frontline (NYSE:FRO) last announced its earnings results on Friday, May 22nd. The shipping company reported $1.55 earnings per share for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.03). The firm had revenue of $714.24 million for the quarter, compared to the consensus estimate of $579.59 million. Frontline had a return on equity of 27.80% and a net margin of 36.70%.Frontline’s revenue for the quarter was up 66.9% on a year-over-year basis. During the same quarter last year, the business posted $0.18 EPS.

Frontline Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Friday, June 12th will be given 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 yield of 16.0%. The ex-dividend date of this dividend is Friday, June 12th. Frontline’s payout ratio is 152.71%.

Hedge Funds Weigh In On Frontline

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Frontline by 2.9% during the third quarter. Vanguard Group Inc. now owns 5,840,353 shares of the shipping company’s stock worth $133,738,000 after acquiring an additional 164,776 shares during the period. Citigroup Inc. increased its stake in Frontline by 185.8% during the 3rd quarter. Citigroup Inc. now owns 606,443 shares of the shipping company’s stock worth $13,821,000 after acquiring an additional 394,226 shares during the period. Melqart Asset Management UK Ltd bought a new position in Frontline during the 3rd quarter worth $437,000. UBS Group AG increased its stake in Frontline by 18.2% during the 4th quarter. UBS Group AG now owns 1,411,265 shares of the shipping company’s stock worth $30,794,000 after acquiring an additional 217,760 shares during the period. Finally, Leonteq Securities AG bought a new position in Frontline during the 4th quarter worth $362,000. 22.70% of the stock is owned by institutional investors.

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.