Frontline plc (NYSE:FRO) Stock Holdings Lessened by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its stake in shares of Frontline plc (NYSE:FRO - Free Report) by 98.6% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,491 shares of the shipping company's stock after selling 607,912 shares during the period. JPMorgan Chase & Co.'s holdings in Frontline were worth $120,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp acquired a new position in Frontline in the fourth quarter worth approximately $31,000. Golden State Wealth Management LLC acquired a new position in shares of Frontline during the 4th quarter valued at about $84,000. Blue Trust Inc. raised its stake 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 acquiring an additional 4,084 shares in the last quarter. Clear Harbor Asset Management LLC acquired a new stake in Frontline in the 4th quarter worth approximately $214,000. Finally, Raymond James Financial Inc. bought a new stake in Frontline during the fourth quarter worth approximately $241,000. Institutional investors and hedge funds own 22.70% of the company's stock.

Analyst Ratings Changes

FRO has been the subject of a number of recent analyst reports. Evercore ISI decreased their price target on shares of 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 target price on Frontline in a research note on Thursday, March 27th. Two equities research 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. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.62.

Frontline Stock Up 3.9 %

FRO stock opened at $17.79 on Tuesday. Frontline plc has a twelve month low of $12.40 and a twelve month high of $29.39. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The company has a market cap of $3.96 billion, a PE ratio of 7.26 and a beta of 0.24. The business's 50-day simple moving average is $15.51 and its 200 day simple moving average is $16.55.

Frontline (NYSE:FRO - Get Free Report) last released its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.20. The business had revenue of $425.60 million for the quarter, compared to analysts' expectations of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. Frontline's quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.46 earnings per share. On average, research analysts anticipate that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 4.50%. Frontline's dividend payout ratio (DPR) is currently 36.04%.

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.

Want to see what other hedge funds are holding FRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Frontline plc (NYSE:FRO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.