Frontline plc (NYSE:FRO) Holdings Increased by Barclays PLC

Barclays PLC grew its stake in Frontline plc (NYSE:FRO - Free Report) by 135.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 487,597 shares of the shipping company's stock after purchasing an additional 280,588 shares during the quarter. Barclays PLC owned approximately 0.22% of Frontline worth $6,921,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Jones Financial Companies Lllp acquired a new stake in Frontline during the fourth quarter valued at approximately $31,000. Golden State Wealth Management LLC bought a new position in shares of Frontline in the 4th quarter worth about $84,000. National Bank of Canada FI lifted its position 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 buying an additional 4,738 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Frontline by 84.4% in the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock valued at $127,000 after buying an additional 4,084 shares during the period. Finally, Clear Harbor Asset Management LLC bought a new stake in shares of Frontline during the 4th quarter valued at about $214,000. Institutional investors own 22.70% of the company's stock.

Frontline Stock Performance

Frontline stock traded up $0.02 during midday trading on Wednesday, reaching $16.75. 707,458 shares of the stock traded hands, compared to its average volume of 2,378,956. The firm has a fifty day moving average price of $15.43 and a two-hundred day moving average price of $16.73. Frontline plc has a fifty-two week low of $12.40 and a fifty-two week high of $29.39. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of 6.82 and a beta of 0.20. 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 issued its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 the consensus estimate of $273.16 million. During the same period in the previous year, the firm posted $0.46 earnings per share. The business's revenue was up 2.6% on a year-over-year basis. On average, equities research analysts forecast that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The firm 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 of this dividend was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 4.78%. Frontline's payout ratio is 36.04%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FRO. Kepler Capital Markets set a $12.49 target price on Frontline in a research note on Thursday, March 27th. Evercore ISI cut their price target on Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock 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 issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.62.

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.