Frontline plc (NYSE:FRO) Stake Cut by USS Investment Management Ltd

USS Investment Management Ltd cut its holdings in shares of Frontline plc (NYSE:FRO - Free Report) by 53.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,659 shares of the shipping company's stock after selling 19,975 shares during the quarter. USS Investment Management Ltd's holdings in Frontline were worth $241,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of FRO. IHT Wealth Management LLC boosted its holdings in shares of Frontline by 5.2% in the fourth quarter. IHT Wealth Management LLC now owns 16,542 shares of the shipping company's stock valued at $235,000 after acquiring an additional 819 shares during the period. Swiss National Bank lifted its holdings in Frontline by 0.6% in the fourth quarter. Swiss National Bank now owns 286,612 shares of the shipping company's stock valued at $3,953,000 after acquiring an additional 1,845 shares during the period. Jones Financial Companies Lllp acquired a new stake in Frontline in the fourth quarter valued at $31,000. Pictet Asset Management Holding SA lifted its holdings in Frontline by 13.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 19,900 shares of the shipping company's stock valued at $274,000 after acquiring an additional 2,313 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in shares of Frontline by 0.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 530,046 shares of the shipping company's stock valued at $7,526,000 after buying an additional 2,576 shares in the last quarter. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on FRO. Kepler Capital Markets set a $12.49 price target on Frontline in a report on Thursday, March 27th. Evercore ISI lowered their price target on Frontline from $22.00 to $20.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Two 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. Based on data from MarketBeat.com, Frontline presently has an average rating of "Moderate Buy" and an average target price of $20.62.

Frontline Stock Up 3.9%

Frontline stock traded up $0.69 during midday trading on Friday, hitting $18.21. 1,467,044 shares of the company were exchanged, compared to its average volume of 2,498,915. The company's fifty day moving average price is $16.17 and its 200-day moving average price is $16.36. The company has a market cap of $4.05 billion, a PE ratio of 7.44 and a beta of 0.24. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. Frontline plc has a fifty-two week low of $12.40 and a fifty-two week high of $28.83.

Frontline (NYSE:FRO - Get Free Report) last released its quarterly earnings results on Friday, May 23rd. The shipping company reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The company had revenue of $427.87 million during the quarter, compared to analysts' expectations of $252.26 million. During the same quarter in the prior year, the business posted $0.62 earnings per share. The company's revenue for the quarter was down 26.0% 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 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.