Traders Buy Large Volume of Frontline Call Options (NYSE:FRO)

Frontline Ltd. (NYSE:FROGet Rating) was the target of some unusual options trading activity on Thursday. Traders acquired 10,522 call options on the stock. This represents an increase of approximately 436% compared to the average volume of 1,962 call options.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. HC Wainwright lifted their target price on shares of Frontline from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Wednesday, May 25th. Jefferies Financial Group upgraded shares of Frontline from a “hold” rating to a “buy” rating in a report on Tuesday. StockNews.com lowered shares of Frontline from a “hold” rating to a “sell” rating in a report on Saturday, September 3rd. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Frontline from $7.00 to $12.00 and gave the stock a “hold” rating in a report on Tuesday.

Frontline Stock Performance

Shares of FRO stock opened at $12.78 on Friday. The firm has a market capitalization of $2.60 billion, a P/E ratio of 41.23 and a beta of 0.10. The company’s fifty day moving average price is $10.52 and its two-hundred day moving average price is $9.53. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.06 and a quick ratio of 1.06. Frontline has a 12 month low of $6.10 and a 12 month high of $13.04.

Frontline (NYSE:FROGet Rating) last issued its earnings results on Wednesday, August 24th. The shipping company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01. Frontline had a net margin of 7.18% and a return on equity of 0.01%. During the same period last year, the firm posted ($0.12) EPS. On average, research analysts anticipate that Frontline will post 1.24 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 16th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.69%. The ex-dividend date of this dividend is Thursday, September 15th.

Institutional Investors Weigh In On Frontline

A number of institutional investors have recently modified their holdings of the business. Folketrygdfondet grew its position in Frontline by 10,513.0% in the 2nd quarter. Folketrygdfondet now owns 10,740,390 shares of the shipping company’s stock worth $95,160,000 after purchasing an additional 10,639,190 shares during the last quarter. Vanguard Group Inc. grew its position in Frontline by 7.0% in the 1st quarter. Vanguard Group Inc. now owns 4,457,223 shares of the shipping company’s stock worth $39,225,000 after purchasing an additional 293,141 shares during the last quarter. State Street Corp grew its position in Frontline by 6.0% in the 2nd quarter. State Street Corp now owns 1,933,151 shares of the shipping company’s stock worth $17,128,000 after purchasing an additional 110,053 shares during the last quarter. Renaissance Technologies LLC grew its position in Frontline by 215.9% in the 2nd quarter. Renaissance Technologies LLC now owns 1,018,386 shares of the shipping company’s stock worth $9,062,000 after purchasing an additional 696,057 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Frontline by 65.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 974,679 shares of the shipping company’s stock worth $8,577,000 after purchasing an additional 386,168 shares during the last quarter. Institutional investors own 26.59% of the company’s stock.

Frontline Company Profile

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Frontline Ltd., 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, 2021, 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 Hamilton, Bermuda.

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