Bank of America Corp DE Has $3.25 Million Position in Frontline plc (NYSE:FRO)

Bank of America Corp DE boosted its stake in Frontline plc (NYSE:FRO - Free Report) by 153.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 228,843 shares of the shipping company's stock after acquiring an additional 138,426 shares during the period. Bank of America Corp DE owned about 0.10% of Frontline worth $3,247,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Jones Financial Companies Lllp acquired a new position in Frontline during the fourth quarter worth about $31,000. Golden State Wealth Management LLC acquired a new position in Frontline during the fourth quarter worth about $84,000. National Bank of Canada FI grew its position in Frontline by 331.8% during 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 period. Blue Trust Inc. grew 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 worth $127,000 after buying an additional 4,084 shares during the period. Finally, Nexpoint Asset Management L.P. acquired a new position in Frontline during the fourth quarter worth about $159,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

Frontline Stock Performance

NYSE:FRO traded down $0.23 during mid-day trading on Tuesday, hitting $17.89. The stock had a trading volume of 1,648,047 shares, compared to its average volume of 2,501,231. Frontline plc has a 52 week low of $12.40 and a 52 week high of $28.00. The stock has a market capitalization of $3.98 billion, a price-to-earnings ratio of 7.30 and a beta of 0.24. The company has a 50 day simple moving average of $16.27 and a 200-day simple moving average of $16.31. 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 released its quarterly earnings results on Friday, May 23rd. The shipping company reported $0.18 EPS for the quarter, hitting analysts' consensus estimates of $0.18. The company had revenue of $427.87 million for the quarter, compared to the consensus estimate of $252.26 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. Frontline's revenue was down 26.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.62 EPS. On average, research analysts expect that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Kepler Capital Markets set a $12.49 price objective on shares of Frontline in a research report on Thursday, March 27th. Evercore ISI dropped their price objective on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. Two equities research 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 MarketBeat, the company presently has an average 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.