Armor Advisors L.L.C. Makes New $2.70 Million Investment in Frontline plc (NYSE:FRO)

Armor Advisors L.L.C. acquired 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. The fund acquired 190,332 shares of the shipping company's stock, valued at approximately $2,701,000. Frontline makes up approximately 2.8% of Armor Advisors L.L.C.'s investment portfolio, making the stock its 9th largest holding. Armor Advisors L.L.C. owned approximately 0.09% of Frontline as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Jones Financial Companies Lllp acquired a new stake in shares of Frontline in the 4th quarter worth approximately $31,000. Golden State Wealth Management LLC acquired a new position in shares of Frontline in the 4th quarter valued at about $84,000. National Bank of Canada FI lifted its position in 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 buying an additional 4,738 shares in the last quarter. Blue Trust Inc. boosted its position in Frontline by 84.4% during the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock valued at $127,000 after purchasing an additional 4,084 shares during the last quarter. Finally, Nexpoint Asset Management L.P. acquired a new position in Frontline in the fourth quarter worth approximately $159,000. Hedge funds and other institutional investors own 22.70% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Kepler Capital Markets set a $12.49 price target on shares of Frontline in a research report on Thursday, March 27th. Evercore ISI cut their price objective on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Two analysts have rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Frontline presently has a consensus rating of "Moderate Buy" and an average price target of $20.62.

Frontline Stock Performance

Shares of NYSE FRO traded up $0.03 during midday trading on Thursday, hitting $17.19. The company's stock had a trading volume of 1,398,712 shares, compared to its average volume of 2,436,440. Frontline plc has a one year low of $12.40 and a one year high of $29.39. The stock has a fifty day moving average price of $15.58 and a 200 day moving average price of $16.56. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The firm has a market capitalization of $3.83 billion, a price-to-earnings ratio of 7.02 and a beta of 0.24.

Frontline (NYSE:FRO - Get Free Report) last announced its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, hitting analysts' consensus estimates of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The business had revenue of $425.60 million for the quarter, compared to analysts' expectations of $273.16 million. During the same period in the previous year, the firm earned $0.46 EPS. The business's quarterly revenue was up 2.6% on a year-over-year basis. On average, research analysts forecast 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. Investors of record on Friday, March 14th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.65%. The ex-dividend date was Friday, March 14th. Frontline's payout ratio is 36.04%.

About Frontline

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.