Cooper Creek Partners Management LLC Purchases New Shares in Frontline plc (NYSE:FRO)

Cooper Creek Partners Management LLC acquired a new stake in shares of Frontline plc (NYSE:FRO - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 2,920,880 shares of the shipping company's stock, valued at approximately $41,447,000. Frontline makes up about 1.3% of Cooper Creek Partners Management LLC's holdings, making the stock its 25th biggest position. Cooper Creek Partners Management LLC owned 1.31% of Frontline at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Jones Financial Companies Lllp bought a new stake in shares of Frontline during the 4th quarter worth about $31,000. Golden State Wealth Management LLC bought a new position in shares of Frontline in the fourth quarter valued at approximately $84,000. National Bank of Canada FI lifted its stake in shares of Frontline by 331.8% in the fourth 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 during the last quarter. Blue Trust Inc. raised its holdings in Frontline by 84.4% in the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock worth $127,000 after acquiring an additional 4,084 shares during the period. Finally, Clear Harbor Asset Management LLC bought a new stake in Frontline during the fourth quarter valued at about $214,000. Institutional investors and hedge funds own 22.70% of the company's stock.

Analysts Set New Price Targets

Separately, Kepler Capital Markets set a $12.49 price objective on Frontline in a research report on Thursday, March 27th. Two equities research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $23.62.

Frontline Stock Performance

FRO traded up $0.66 during trading on Friday, reaching $15.43. 1,961,660 shares of the company's stock were exchanged, compared to its average volume of 2,363,742. Frontline plc has a fifty-two week low of $12.40 and a fifty-two week high of $29.39. The company has a market capitalization of $3.43 billion, a P/E ratio of 6.30 and a beta of 0.20. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The business has a 50 day moving average price of $15.69 and a 200 day moving average price of $17.26.

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 net margin of 25.64% and a return on equity of 19.25%. The firm had revenue of $425.60 million during the quarter, compared to analysts' expectations of $273.16 million. During the same quarter last year, the company earned $0.46 earnings per share. The company's revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, analysts predict that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.19%. The ex-dividend date was Friday, March 14th. Frontline's dividend payout ratio (DPR) is currently 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.