BNP Paribas Financial Markets Purchases Shares of 29,886 Frontline plc (NYSE:FRO)

BNP Paribas Financial Markets purchased a new position in Frontline plc (NYSE:FRO - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 29,886 shares of the shipping company's stock, valued at approximately $424,000.

Several other hedge funds have also modified their holdings of the company. Jones Financial Companies Lllp purchased a new stake in Frontline in the 4th quarter worth about $31,000. Golden State Wealth Management LLC purchased a new position in Frontline in the fourth quarter worth $84,000. National Bank of Canada FI grew its stake in Frontline by 331.8% during the 4th 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. grew its position in Frontline by 84.4% during the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock worth $127,000 after purchasing an additional 4,084 shares during the last quarter. Finally, Nexpoint Asset Management L.P. purchased a new stake in shares of Frontline during the fourth quarter valued at $159,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FRO has been the topic of several recent research reports. Kepler Capital Markets set a $12.49 price target on shares of Frontline in a report on Thursday, March 27th. Evercore ISI decreased their target price on Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a research 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 given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $20.62.

Frontline Stock Up 3.7%

NYSE FRO traded up $0.64 during trading hours on Friday, hitting $18.16. 1,097,378 shares of the company were exchanged, compared to its average volume of 2,497,286. The company has a 50 day moving average of $16.17 and a two-hundred day moving average of $16.36. 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 $28.83. The firm has a market cap of $4.04 billion, a price-to-earnings ratio of 7.42 and a beta of 0.24.

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

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.