There was a significant increase in the number of short positions on Frontline Ltd. throughout August,” the report stated (NYSE: FRO). As of August 31, there were 11,650,000 shares on loan, representing a 27.3% rise from the 9,150,000 shares on loan the previous day. As a result, transactions in the short market involve 9.4% of the company’s total shares. When the current average daily volume of 3,030,000 shares is considered, the days-to-cover ratio has been calculated to be 3.8 days.
On August 24, the most current quarterly report made publicly available for consumption by Frontline (NYSE: FRO) was made available. The shipping company reported a loss of $0.21 per share for the quarter, which was $0.01 higher than the loss anticipated by analysts, who had predicted a loss of $0.20 per share. Frontline had a net margin of 7.18 percent, and the company’s return on equity was 0.01%.
The company incurred a loss equivalent to $0.12 per share in the same period the year before. The majority opinion of financial analysts is that Frontline will end the current fiscal year with a profit of $1.24 per share for the company’s shareholders.
Additionally, the company recently announced a quarterly dividend, which will be disbursed on Monday, October 3. Shareholders who are on record as of the record date will be eligible to receive a dividend payment on September 16 at $0.15. This coming Thursday, September 15, will be the date investors will refer to as the “ex-dividend” date for equities. When computed on an annualized basis, this results in a dividend yield of 4.69%, which amounts to a payment of $0.60 per share as the dividend amount. Frontline now has a dividend payout ratio (DPR) established at 193.55%.
When trading began on Friday, a share of Frontline was trading for $12.79 per unit. Over the past 52 weeks, the cost of a bottle of Frontline has varied from $6.10 to $13.49.
The ratio of debt to equity is exactly one. The current ratio is 1.06, and the quick ratio is also 1.06, and so forth. The stock has a price-to-earnings ratio of 41.26, and the company has a beta of 0.10. Together, these metrics give the company a market value of $2.85 billion. The moving averages for the previous 50 days for the company are $10.96, and the moving averages for the previous 200 days are $9.66.
Due to recent occurrences, prominent investors have either increased or decreased the number of shares in the firm they own. Price T. Rowe Associates, Inc., MD boosted the amount of Frontline stock they owned by 10.9% during the year’s second quarter. MD now has 12,018 shares of the transportation company’s stock, valued at a combined total of $106,000 after purchasing an additional 1,178 shares during the quarter. This brings the total number of shares owned by the business to 12,018. Second, Amundi successfully increased the amount of money it invested in Frontline by 46.2% during the second quarter. Amundi now holds 4,389 shares of the transportation company’s stock after purchasing an additional 1,386 shares during the quarter.
Based on current market conditions, each share of the company’s stock is projected to be worth $37,000. Third, FMR LLC was successful in increasing its ownership of Frontline by 11.4% during the second quarter of the fiscal year. The value of FMR LLC’s stock in the transportation company has climbed to $130,000 due to the company’s purchase of an additional 1,501 shares during the preceding quarter. Fourth, Beacon Capital Management Inc. paid close to $25,000 for a fresh position in Frontline that they bought during the first three months of the year. The company acquired this position. And last, during the second quarter, Credit Suisse AG made a 2.9% increase in the amount of Frontline stock it owned, making it the company’s total ownership percentage. After purchasing an extra 2,988 shares during the most recent quarter, Credit Suisse AG now directly owns a total of 106,716 shares in the shipping company. The current market value of these shares puts their total worth at $946,000. Currently, institutions own 26.59% of the company’s total shares.
Several industry analysts have recently offered their insights regarding the company in question. Deutsche Bank Aktiengesellschaft forecasted in a research note that was made public on Tuesday, September 6, that the share price of Frontline would reach $12.00 by the end of the year, which would be an increase from the previous price of $7.00. As a result, a rating of “hold” was assigned to the business. On May 25, HC Wainwright published a research report stating that they had raised their price goal for Frontline from $8.00 to $10.00 and that they assessed the company’s performance as “neutral.” In a report that was released on September 11, the recommendation given by StockNews.com for Frontline was changed from “sell” to “hold,” while the recommendation offered by Jefferies Financial Group was changed from “hold” to “buy” in a report that was published on September 6.