Moore Capital Management LP Trims Stock Position in Frontline plc (NYSE:FRO)

Moore Capital Management LP cut its position in shares of Frontline plc (NYSE:FRO - Free Report) by 12.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 379,529 shares of the shipping company's stock after selling 51,857 shares during the period. Moore Capital Management LP owned approximately 0.17% of Frontline worth $5,386,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Jefferies Financial Group Inc. purchased a new position in Frontline during the fourth quarter worth about $425,000. Glenorchy Capital Ltd raised its stake in Frontline by 4.6% during the fourth quarter. Glenorchy Capital Ltd now owns 182,325 shares of the shipping company's stock worth $2,587,000 after purchasing an additional 8,025 shares during the period. Deutsche Bank AG raised its stake in Frontline by 15.4% during the fourth quarter. Deutsche Bank AG now owns 334,343 shares of the shipping company's stock worth $4,744,000 after purchasing an additional 44,626 shares during the period. Caption Management LLC purchased a new position in Frontline during the fourth quarter worth about $256,000. Finally, Bank of America Corp DE raised its stake in Frontline by 153.1% during the fourth quarter. Bank of America Corp DE now owns 228,843 shares of the shipping company's stock worth $3,247,000 after purchasing an additional 138,426 shares during the period. 22.70% of the stock is owned by hedge funds and other institutional investors.

Frontline Price Performance

Frontline stock opened at $17.51 on Tuesday. The company's 50 day simple moving average is $15.64 and its 200-day simple moving average is $16.43. The company has a market capitalization of $3.90 billion, a price-to-earnings ratio of 7.14 and a beta of 0.24. 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 quick ratio of 1.43 and a current ratio of 1.43.

Frontline (NYSE:FRO - Get Free Report) last released its quarterly earnings results 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 the consensus estimate of $273.16 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The business's revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.46 EPS. As a group, equities research analysts expect that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.57%. The ex-dividend date of this dividend was Friday, March 14th. Frontline's dividend payout ratio (DPR) is currently 36.04%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on FRO shares. Kepler Capital Markets set a $12.49 price target on shares of Frontline in a research note on Thursday, March 27th. Evercore ISI reduced their price target on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Two equities research analysts have rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Frontline currently has an average rating of "Moderate Buy" and a consensus 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.

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