Mirabella Financial Services LLP Takes $9.22 Million Position in Frontline plc (NYSE:FRO)

Mirabella Financial Services LLP acquired a new position in shares of Frontline plc (NYSE:FRO - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 650,000 shares of the shipping company's stock, valued at approximately $9,224,000. Frontline makes up approximately 0.8% of Mirabella Financial Services LLP's holdings, making the stock its 29th largest position. Mirabella Financial Services LLP owned approximately 0.29% of Frontline at the end of the most recent quarter.

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

Frontline Trading Up 1.4 %

Shares of NYSE:FRO traded up $0.23 during mid-day trading on Friday, reaching $16.52. 2,780,998 shares of the company's stock were exchanged, compared to its average volume of 2,372,825. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of 6.74 and a beta of 0.20. Frontline plc has a twelve month low of $12.40 and a twelve month high of $29.39. The business's fifty day moving average price is $15.48 and its 200-day moving average price is $16.95. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43.

Frontline (NYSE:FRO - Get Free Report) last announced its earnings results on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, hitting the consensus estimate of $0.20. The firm had revenue of $425.60 million for 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 business's quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.46 EPS. On average, research analysts predict that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.84%. The ex-dividend date was Friday, March 14th. Frontline's dividend payout ratio is presently 36.04%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on FRO shares. Kepler Capital Markets set a $12.49 price target on Frontline in a research note on Thursday, March 27th. Evercore ISI dropped their target price on Frontline from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average 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.