Raymond James Financial Inc. Invests $241,000 in Frontline plc (NYSE:FRO)

Raymond James Financial Inc. purchased a new stake in Frontline plc (NYSE:FRO - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 17,004 shares of the shipping company's stock, valued at approximately $241,000.

Other hedge funds also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp acquired a new stake in shares of Frontline in the 4th quarter valued at about $31,000. Golden State Wealth Management LLC bought a new position in Frontline during the 4th quarter worth approximately $84,000. National Bank of Canada FI grew its position in shares of Frontline by 331.8% in the 4th quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company's stock worth $87,000 after acquiring an additional 4,738 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Frontline by 84.4% in the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock valued at $127,000 after acquiring an additional 4,084 shares during the last quarter. Finally, Clear Harbor Asset Management LLC acquired a new stake in shares of Frontline during the 4th quarter valued at approximately $214,000. 22.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FRO. Evercore ISI dropped their price target on Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 target price on Frontline in a research note on Thursday, March 27th. Two investment analysts have rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Frontline presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.62.

Frontline Stock Performance

FRO stock traded up $0.33 on Wednesday, reaching $18.17. The company's stock had a trading volume of 2,154,812 shares, compared to its average volume of 2,445,515. Frontline plc has a 52 week low of $12.40 and a 52 week high of $29.39. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. The company has a market capitalization of $4.05 billion, a P/E ratio of 7.42 and a beta of 0.24. The firm has a fifty day moving average of $15.68 and a two-hundred day moving average of $16.44.

Frontline (NYSE:FRO - Get Free Report) last released its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.20. The company had revenue of $425.60 million during the quarter, compared to analysts' expectations of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The company's revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.46 earnings per share. As a group, analysts predict that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.20 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 4.40%. Frontline's dividend payout ratio is currently 36.04%.

Frontline 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.