Aquatic Capital Management LLC bought a new stake in shares of Frontline plc (NYSE:FRO - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 32,225 shares of the shipping company's stock, valued at approximately $457,000.
Other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its holdings in Frontline by 65.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 71,972 shares of the shipping company's stock valued at $1,021,000 after buying an additional 28,478 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in Frontline in the 4th quarter worth about $341,000. Dynamic Technology Lab Private Ltd purchased a new position in Frontline during the fourth quarter worth approximately $342,000. Private Advisor Group LLC boosted its position in Frontline by 164.0% during the fourth quarter. Private Advisor Group LLC now owns 28,053 shares of the shipping company's stock worth $398,000 after purchasing an additional 17,428 shares in the last quarter. Finally, Range Financial Group LLC acquired a new stake in Frontline in the fourth quarter valued at approximately $579,000. 22.70% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on FRO. Evercore ISI decreased their target price 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 price objective on shares of Frontline in a report on Thursday, March 27th. Two analysts have rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Frontline presently has an average rating of "Moderate Buy" and a consensus price target of $20.62.
Read Our Latest Analysis on FRO
Frontline Stock Up 2.3 %
Shares of FRO opened at $17.15 on Friday. The stock has a 50 day moving average price of $15.47 and a 200 day moving average price of $16.66. Frontline plc has a one year low of $12.40 and a one year high of $29.39. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of 7.00 and a beta of 0.24.
Frontline (NYSE:FRO - Get Free Report) last released its earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.20. The business had revenue of $425.60 million during the quarter, compared to analyst estimates of $273.16 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. 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 firm earned $0.46 earnings per share. Equities research analysts forecast that Frontline plc will post 1.78 earnings per share for the current fiscal year.
Frontline Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $0.20 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 4.66%. Frontline's payout ratio is 36.04%.
About Frontline
(
Free Report)
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.
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