Envestnet Asset Management Inc. Trims Stake in Frontline plc (NYSE:FRO)

Envestnet Asset Management Inc. lessened its position in shares of Frontline plc (NYSE:FRO - Free Report) by 47.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund 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 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in FRO. Dynamic Technology Lab Private Ltd bought a new position in shares of Frontline during the 4th quarter worth about $342,000. Discovery Capital Management LLC CT acquired a new position in shares of Frontline during the fourth quarter worth approximately $3,548,000. National Bank of Canada FI lifted its holdings 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 purchasing an additional 4,738 shares in the last quarter. Summit Financial LLC bought a new stake in Frontline during the 4th quarter valued at $2,060,000. Finally, Hartree Partners LP raised its holdings in Frontline by 482.6% during the fourth quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company's stock worth $15,047,000 after buying an additional 878,885 shares during the last quarter. 22.70% of the stock is owned by institutional investors.

Frontline Stock Up 0.4 %

Shares of Frontline stock traded up $0.06 on Friday, reaching $17.17. The company's stock had a trading volume of 614,062 shares, compared to its average volume of 2,432,521. The company has a market capitalization of $3.82 billion, a price-to-earnings ratio of 7.01 and a beta of 0.24. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. Frontline plc has a 52 week low of $12.40 and a 52 week high of $29.39. The firm's fifty day simple moving average is $15.59 and its two-hundred day simple moving average is $16.53.

Frontline (NYSE:FRO - Get Free Report) last issued its earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share 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 during the quarter, compared to analyst estimates of $273.16 million. During the same quarter in the previous year, the firm earned $0.46 EPS. Frontline's revenue was up 2.6% on a year-over-year basis. Equities analysts anticipate that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 4.66%. Frontline's dividend payout ratio (DPR) is currently 36.04%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Kepler Capital Markets set a $12.49 target price on shares of Frontline in a 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 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 company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $20.62.

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.