JPMorgan Chase & Co. Sells 607,912 Shares of Frontline plc (NYSE:FRO)

JPMorgan Chase & Co. lessened its holdings in shares of Frontline plc (NYSE:FRO - Free Report) by 98.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,491 shares of the shipping company's stock after selling 607,912 shares during the quarter. JPMorgan Chase & Co.'s holdings in Frontline were worth $120,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of FRO. Jones Financial Companies Lllp acquired a new stake in shares of Frontline during the 4th quarter valued at about $31,000. Golden State Wealth Management LLC acquired a new stake in shares of Frontline during the 4th quarter valued at about $84,000. 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 buying an additional 4,084 shares during the last quarter. Clear Harbor Asset Management LLC acquired a new stake in shares of Frontline during the 4th quarter valued at about $214,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Frontline during the 4th quarter valued at about $241,000. Hedge funds and other institutional investors own 22.70% of the company's stock.

Frontline Stock Performance

FRO traded up $0.32 on Friday, hitting $17.43. The company had a trading volume of 1,945,200 shares, compared to its average volume of 2,444,901. The company's fifty day moving average price is $15.61 and its 200 day moving average price is $16.45. Frontline plc has a 1-year low of $12.40 and a 1-year high of $29.39. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. The stock has a market cap of $3.88 billion, a price-to-earnings ratio of 7.11 and a beta of 0.24.

Frontline (NYSE:FRO - Get Free Report) last posted its earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share 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 firm had revenue of $425.60 million during the quarter, compared to analyst estimates of $273.16 million. During the same period in the previous year, the company earned $0.46 EPS. The company's revenue for the quarter was up 2.6% on a year-over-year basis. Equities analysts predict that Frontline plc will post 1.78 earnings per share for the current fiscal 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 $0.20 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.80 annualized dividend and a yield of 4.59%. Frontline's dividend payout ratio (DPR) is currently 36.04%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Evercore ISI reduced 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. Kepler Capital Markets set a $12.49 price target on Frontline in a report on Thursday, March 27th. Two investment analysts have rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Frontline has an average rating of "Moderate Buy" and a consensus price target 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.