Hsbc Holdings PLC Trims Stock Holdings in Frontline plc (NYSE:FRO)

Hsbc Holdings PLC decreased its position in Frontline plc (NYSE:FRO - Free Report) by 22.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 332,335 shares of the shipping company's stock after selling 94,459 shares during the period. Hsbc Holdings PLC owned 0.15% of Frontline worth $4,675,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Frontline by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 5,493,085 shares of the shipping company's stock worth $75,502,000 after buying an additional 51,073 shares in the last quarter. Cooper Creek Partners Management LLC purchased a new stake in shares of Frontline in the 4th quarter valued at approximately $41,447,000. Renaissance Technologies LLC lifted its position in Frontline by 27.5% in the fourth quarter. Renaissance Technologies LLC now owns 1,378,037 shares of the shipping company's stock valued at $19,554,000 after acquiring an additional 297,437 shares during the last quarter. Marshall Wace LLP increased its stake in Frontline by 137.2% in the fourth quarter. Marshall Wace LLP now owns 1,090,427 shares of the shipping company's stock valued at $15,473,000 after purchasing an additional 630,685 shares during the period. Finally, Hartree Partners LP raised its stake in Frontline by 482.6% during the 4th quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company's stock valued at $15,047,000 after acquiring an additional 878,885 shares during the last quarter. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Stock Up 2.3 %

Shares of NYSE FRO traded up $0.39 during midday trading on Friday, hitting $17.15. The company's stock had a trading volume of 2,261,950 shares, compared to its average volume of 2,395,294. The business's fifty day simple moving average is $15.45 and its two-hundred day simple moving average is $16.69. 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 firm has a market capitalization of $3.82 billion, a price-to-earnings ratio of 7.00 and a beta of 0.20.

Frontline (NYSE:FRO - Get Free Report) last announced its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, meeting analysts' consensus estimates of $0.20. The company had revenue of $425.60 million during the quarter, compared to the consensus estimate of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The company's quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.46 EPS. On average, equities analysts predict that Frontline plc will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.66%. The ex-dividend date of this dividend was Friday, March 14th. Frontline's dividend payout ratio is currently 36.04%.

Wall Street Analyst Weigh In

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

About Frontline

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.