Frontline (NYSE:FRO) Stock Price Crosses 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 $22.21 and traded as high as $26.41. Frontline shares last traded at $25.29, with a volume of 3,234,013 shares changing hands.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FRO. Jefferies Financial Group boosted their price target on shares of Frontline from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, November 21st. Weiss Ratings reissued a “hold (c)” rating on shares of Frontline in a research report on Monday, December 29th. Wall Street Zen upgraded shares of Frontline from a “sell” rating to a “hold” rating in a report on Friday, September 26th. Evercore ISI raised their price objective on shares of Frontline from $22.00 to $26.00 and gave the stock an “outperform” rating in a report on Tuesday, October 28th. Finally, Clarkson Capital upgraded shares of Frontline from a “neutral” rating to a “buy” rating in a research report on Monday, January 12th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Frontline presently has a consensus rating of “Moderate Buy” and an average price target of $24.62.

Frontline Trading Up 3.1%

The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 1.27. The stock has a market capitalization of $5.81 billion, a PE ratio of 26.63 and a beta of 0.08. The business’s 50-day moving average is $23.61 and its two-hundred day moving average is $22.26.

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

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 12th were paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Friday, December 12th. Frontline’s payout ratio is presently 77.55%.

Hedge Funds Weigh In On Frontline

A number of hedge funds have recently modified their holdings of FRO. Farther Finance Advisors LLC lifted its position in shares of Frontline by 69.1% in the 4th quarter. Farther Finance Advisors LLC now owns 25,812 shares of the shipping company’s stock worth $563,000 after acquiring an additional 10,550 shares during the period. Sound Income Strategies LLC acquired a new position in shares of Frontline in the 4th quarter worth approximately $53,000. Range Financial Group LLC raised its stake in shares of Frontline by 12.4% in the fourth quarter. Range Financial Group LLC now owns 82,450 shares of the shipping company’s stock worth $1,799,000 after acquiring an additional 9,103 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Frontline by 2.2% during the third quarter. JPMorgan Chase & Co. now owns 561,525 shares of the shipping company’s stock valued at $12,797,000 after acquiring an additional 11,941 shares during the period. Finally, Triumph Capital Management bought a new stake in shares of Frontline during the 3rd quarter valued at $97,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

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.