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Today, Monday June 10, 2024, StockCharts365 has taken a closer look at a stock that is up nearly 500 percent, but may still have great potential.


[10 June 2024]


Today, StockCharts365.com has taken a closer look at one of the winning shares on Oslo Børs in recent years, the John Fredriksen-controlled (38.9% stake) tanker shipping company Frontline (ticker on Oslo Børs: FRO).


The Frontline share has risen around 40 per cent so far this year and the company now has a stock market value of NOK 62 billion. The share is up a whopping 466 percent since it bottomed out at NOK 50 in January 2021.


Frontline (FRO) is definitely a share in a long-term very strong and positive trend, and now after the latest consolidation, the share may be at a favorable level to buy at. Read more about this under the technical analysis of Frontline (FRO) below here.


 

Briefly about Frontline (ticker on Oslo Børs: FRO)


Frontline is a Norwegian tanker company. Most of the transport consists of crude oil which is transported on a global level to the company's customers. The company owns and manages several vessels of various sizes, from VLCC (Very Large Crude Carrier) to Suezmax vessels. The company was established in Sweden in 1985, but since its establishment has undergone several acquisitions and restructuring. The company's head office is located in Bermuda. Read more information about the company on their websites:




 

Technical Analysis of Frontline (ticker on Oslo Børs: FRO)

Charts are from the technical analysis program Vikingen. Frontline (FRO) thus shows a strong development in both the short and long picture, and further upswing is signaled within both the short-term and long-term rising trend. The stock has consolidated and corrected somewhat down in the very short picture, and is now approaching the support level at the 50-day moving average and at the lower trend line in the short-term uptrend. A new strong technical buy signal was recently triggered for Frontline after a break above an important technical resistance level around NOK 260.00, and there should now be significant technical support down towards that level in case of further consolidation in the stock in the short term. Momentum indicators such as RSI and Stochastics signal that the consolidation in the stock may now soon be over, and that the stock may soon have another upward turn within both the short-term and long-term rising trend. According to the long-term rising trend (cf. weekly chart), a potential for the share of up to NOK 400.00-450.00 is indicated in a period of around six months. There is little technical resistance to further growth for the share, while there should be significant technical support both at the 50-day moving average (around NOK 272.00), and then at the aforementioned NOK 260.00 level. The stock is thus above both the 50-day and 200-day moving averages, and the 50-day moving average is above the 200-day moving average. This also confirms that both the short-term and long-term trend for the share is positive. The overall technical picture for Frontline (FRO) is very positive, and indicates that even though the share has risen a lot in the last couple of years, there may still be great potential for the share in the next 6-12 months. Otherwise, it can be mentioned that Kepler Cheuvreux just recently on 31 May raised the price target for Frontline to NOK 428 (394), and repeated their buy recommendation on the share. Frontline ended Friday at NOK 283.00. Kepler Cheuvreux is a leading independent European financial services company.


Finally, it is mentioned that around NOK 6.50 (USD 0.62) per Frontline plc share will soon be paid out in dividends, and that it is those who own shares at the close of trading on 12 June 2024 who will receive dividends. The stock therefore goes ex. approx. NOK 6.50 in dividends on 13 June 2024.


"Key information relating to the dividend to be paid by Frontline plc for the first quarter, 2024:

30 mai 07:58 ∙ Oslo Børs

Dividend amount: $0.62 per share

Declared currency: USD. Dividends payable to shares registered with Euronext VPS

will be distributed in NOK.

Last day including right: 12 June, 2024

Ex-date: 13 June, 2024

Record date: 14 June, 2024

Payment date: On or about 28 June, 2024. Due to the implementation of CSDR in

Norway, dividends payable on shares registered with Euronext VPS is expected to

be distributed to Euronext VPS shareholders on or about 2 July, 2024."


 

NB! Remember to have read and understood the disclaimer.

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