Frontline plc (NYSE:FRO) Short Interest Up 7.4% in October

Frontline plc (NYSE:FRO) was the target of a significant increase in short interest during the month of 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. Currently, 5.4% of the company’s stock are short sold. Based on an average daily trading volume, of 1,920,000 shares, the short-interest ratio is currently 4.0 days.

Analyst Upgrades and Downgrades

Several equities analysts have commented on FRO shares. StockNews.com upgraded shares of Frontline to a “sell” rating in a report on Thursday, September 5th. Fearnley Fonds upgraded shares of Frontline to a “strong-buy” rating in a report on Friday, September 27th. Jefferies Financial Group decreased their price objective on shares of Frontline from $30.00 to $26.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Evercore ISI decreased their price objective on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a 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 price objective 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 issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $27.26.

Frontline Price Performance

FRO stock opened at $20.19 on Tuesday. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 1.38. The company’s 50-day simple moving average is $21.68 and its 200 day simple moving average is $23.87. Frontline has a 52 week low of $18.26 and a 52 week high of $29.39.

Frontline (NYSE:FRO) last released its quarterly earnings results 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 business had revenue of $409.72 million during the quarter, compared to analyst estimates of $383.88 million. During the same quarter last year, the company posted $0.94 earnings per share. Sell-side analysts forecast that Frontline will post 1.88 earnings per share for the current fiscal year.

Frontline Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.62 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.48 annualized dividend and a yield of 12.29%. Frontline’s dividend payout ratio is 93.23%.

Institutional Investors Weigh In On Frontline

Institutional investors and hedge funds have recently bought and sold shares of the company. Godsey & Gibb Inc. bought a new stake in Frontline during the third quarter worth about $25,000. Ashton Thomas Private Wealth LLC bought a new stake in Frontline during the second quarter worth about $31,000. Summit Securities Group LLC lifted its position in Frontline by 75.0% during the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after purchasing an additional 600 shares during the period. Blue Trust Inc. lifted its position in Frontline by 17,866.7% during the second 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 period. Finally, EverSource Wealth Advisors LLC lifted its position in Frontline by 4,965.6% during the second 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. Institutional investors own 22.70% of the company’s stock.

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.