Point72 Asset Management L.P. Buys New Holdings in Frontline plc (NYSE:FRO)

Point72 Asset Management L.P. bought a new position in Frontline plc (NYSE:FRO - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 150,412 shares of the shipping company's stock, valued at approximately $2,134,000. Point72 Asset Management L.P. owned 0.07% of Frontline as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Clear Harbor Asset Management LLC acquired a new stake in Frontline during the 4th quarter worth $214,000. SG Americas Securities LLC raised its position in shares of Frontline by 148.3% during the fourth quarter. SG Americas Securities LLC now owns 33,121 shares of the shipping company's stock worth $470,000 after purchasing an additional 19,783 shares during the period. Blue Trust Inc. lifted its holdings in shares of Frontline by 84.4% during the 4th 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 in the last quarter. Svenska Handelsbanken AB publ acquired a new position in shares of Frontline in the 4th quarter valued at approximately $415,000. Finally, Golden State Wealth Management LLC bought a new stake in Frontline during the 4th quarter worth approximately $84,000. 22.70% of the stock is owned by institutional investors.

Frontline Stock Up 6.9%

Shares of NYSE FRO traded up $1.18 during midday trading on Monday, reaching $18.36. The company's stock had a trading volume of 4,698,357 shares, compared to its average volume of 2,490,521. The stock has a 50 day simple moving average of $16.05 and a 200-day simple moving average of $16.35. 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 stock has a market capitalization of $4.09 billion, a price-to-earnings ratio of 7.49 and a beta of 0.24. Frontline plc has a fifty-two week low of $12.40 and a fifty-two week high of $29.39.

Frontline (NYSE:FRO - Get Free Report) last issued its quarterly earnings results on Friday, May 23rd. The shipping company reported $0.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.18. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The firm had revenue of $427.87 million for the quarter, compared to analyst estimates of $252.26 million. During the same period in the previous year, the business earned $0.62 EPS. The company's revenue was down 26.0% compared to the same quarter last year. Equities research analysts predict that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 annualized dividend and a yield of 4.36%. Frontline's payout ratio is presently 36.04%.

Analysts Set New Price Targets

A number of brokerages have weighed in on FRO. Evercore ISI cut their price target on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 price objective on shares of Frontline in a research report on Thursday, March 27th. Two research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Frontline presently 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.