Frontline (NYSE:FRO) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Frontline PLC (NYSE:FRO)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $28.37 and traded as high as $36.88. Frontline shares last traded at $36.5320, with a volume of 2,068,763 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FRO shares. Piper Sandler downgraded Frontline to a “neutral” rating in a report on Friday, February 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Frontline in a report on Friday, March 27th. Dnb Carnegie downgraded Frontline from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. BTIG Research boosted their price target on Frontline from $42.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Finally, Clarkson Capital upgraded Frontline from a “neutral” rating to a “buy” rating in a report on Monday, January 12th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $39.00.

Frontline Trading Up 0.7%

The business’s 50-day moving average is $34.96 and its two-hundred day moving average is $28.37. The company has a current ratio of 1.43, a quick ratio of 1.19 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $8.13 billion, a PE ratio of 21.49 and a beta of 0.05.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Saturday, February 28th. The shipping company reported $1.03 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.10). Frontline had a return on equity of 16.51% and a net margin of 19.31%.The business had revenue of $624.51 million for the quarter, compared to analysts’ expectations of $456.90 million. During the same period last year, the company posted $0.20 earnings per share. The firm’s revenue for the quarter was up 46.7% on a year-over-year basis.

Frontline Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Thursday, March 12th were given a dividend of $1.03 per share. This is a positive change from Frontline’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Thursday, March 12th. This represents a $4.12 dividend on an annualized basis and a yield of 11.3%. Frontline’s dividend payout ratio is currently 242.35%.

Institutional Trading of Frontline

A number of institutional investors have recently added to or reduced their stakes in FRO. Royal Bank of Canada boosted its position in Frontline by 32.3% during the 1st quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company’s stock worth $392,000 after purchasing an additional 6,424 shares during the period. Millennium Management LLC purchased a new stake in Frontline during the 1st quarter worth $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Frontline by 12.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 185,226 shares of the shipping company’s stock worth $2,751,000 after purchasing an additional 20,370 shares during the period. American Century Companies Inc. boosted its position in Frontline by 93.6% during the 2nd quarter. American Century Companies Inc. now owns 72,539 shares of the shipping company’s stock worth $1,190,000 after purchasing an additional 35,078 shares during the period. Finally, Invesco Ltd. boosted its position in Frontline by 215.8% during the 2nd quarter. Invesco Ltd. now owns 91,039 shares of the shipping company’s stock worth $1,494,000 after purchasing an additional 62,210 shares during the period. 22.70% of the stock is owned by hedge funds and other 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.