Frontline (NYSE:FRO) Shares Gap Up to $27.96

Frontline plc (NYSE:FRO – Get Free Report) shares gapped up prior to trading on Friday, reaching $27.96. The stock had closed at $27.96 previously but opened at $28.81. Frontline shares last traded at $28.69, with a volume of 352,965 shares traded.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FRO. JPMorgan Chase & Co. decreased their price target on Frontline from $23.00 to $22.30 and set a “neutral” rating for the company in a report on Friday, March 1st. lowered shares of Frontline from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. Finally, Jefferies Financial Group reissued a “buy” rating and set a $30.00 price target on shares of Frontline in a research report on Thursday.

Frontline Trading Up 1.3%

The firm has a fifty-day moving average of $25.10 and a two-hundred day moving average of $22.97. The company has a market cap of $6.30 billion, a PE ratio of 9.90, and a beta of 0.03. Frontline (NYSE:FRO – Get Free Report) last released its quarterly earnings data on Thursday, May 30th, reporting $0.62 EPS for the quarter. Frontline had a return on equity of 23.42% and a net margin of 32.94%.

Frontline Increases Dividend

Frontline recently disclosed a quarterly dividend, increasing it to $0.62, with a payment date of Friday, June 28th. This is a positive change from Frontline’s previous quarterly dividend of $0.37, representing a dividend yield of 8.76%.

Institutional Inflows and Outflows

Institutional investors have made changes to their positions in the company. Vanguard Group Inc. increased its position in Frontline by 5,319.5% in the first quarter. M&G Investment Management Ltd., M&G Plc, Fiera Capital Corp, and Forest Avenue Capital Management LP also made significant investments. Institutional investors now own 22.70% of the company’s stock.

Frontline plc, a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide, owning and operating oil and product tankers. As of December 31, 2022, the company operated a fleet of 70 vessels and is based in Limassol, Cyprus.