Envestnet Asset Management Inc. Sells 27,787 Shares of Frontline plc (NYSE:FRO)

Envestnet Asset Management Inc. lowered its position in Frontline plc (NYSE:FRO - Free Report) by 47.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,168 shares of the shipping company's stock after selling 27,787 shares during the period. Envestnet Asset Management Inc.'s holdings in Frontline were worth $428,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hartree Partners LP boosted its position in Frontline by 482.6% during the 4th quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company's stock worth $15,047,000 after acquiring an additional 878,885 shares during the last quarter. Discovery Capital Management LLC CT bought a new stake in Frontline during the 4th quarter worth about $3,548,000. Summit Financial LLC acquired a new position in shares of Frontline during the 4th quarter worth about $2,060,000. X Square Capital LLC acquired a new position in Frontline during the fourth quarter valued at approximately $1,260,000. Finally, Rovida Advisors Inc. raised its stake in shares of Frontline by 60.0% during the 4th quarter. Rovida Advisors Inc. now owns 160,000 shares of the shipping company's stock worth $2,272,000 after purchasing an additional 60,000 shares in the last quarter. 22.70% of the stock is currently owned by institutional investors.

Frontline Stock Performance

Shares of NYSE:FRO traded down $0.39 on Wednesday, reaching $17.19. 2,716,474 shares of the company's stock were exchanged, compared to its average volume of 2,434,441. Frontline plc has a twelve month low of $12.40 and a twelve month high of $29.39. The company has a fifty day moving average of $15.55 and a 200-day moving average of $16.56. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of 7.01 and a beta of 0.24. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44.

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

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.66%. The ex-dividend date of this dividend was Friday, March 14th. Frontline's payout ratio is presently 36.04%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Evercore ISI lowered their target price 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. Kepler Capital Markets set a $12.49 price objective on Frontline in a research report on Thursday, March 27th. Two research analysts have rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $20.62.

Frontline Company 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.