Rossby Financial LCC Acquires Shares of 35,645 Frontline plc (NYSE:FRO)

Rossby Financial LCC purchased a new stake in shares of Frontline plc (NYSE:FRO - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 35,645 shares of the shipping company's stock, valued at approximately $506,000.

A number of other hedge funds have also bought and sold shares of FRO. Swiss National Bank increased its position in Frontline by 0.6% in the fourth quarter. Swiss National Bank now owns 286,612 shares of the shipping company's stock worth $3,953,000 after buying an additional 1,845 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in Frontline during the fourth quarter valued at $31,000. Pictet Asset Management Holding SA boosted its position in shares of Frontline by 13.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 19,900 shares of the shipping company's stock valued at $274,000 after acquiring an additional 2,313 shares during the last quarter. Blue Trust Inc. grew its stake in Frontline by 84.4% in the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock worth $127,000 after buying an additional 4,084 shares in the last quarter. Finally, National Bank of Canada FI grew its position in Frontline by 331.8% in the fourth quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company's stock worth $87,000 after acquiring an additional 4,738 shares in the last quarter. 22.70% of the stock is currently owned by institutional investors.

Frontline Trading Up 4.4 %

FRO stock traded up $0.66 during midday trading on Friday, hitting $15.43. The company had a trading volume of 1,961,660 shares, compared to its average volume of 2,362,784. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. Frontline plc has a 52 week low of $12.40 and a 52 week high of $29.39. The stock has a market cap of $3.43 billion, a price-to-earnings ratio of 6.30 and a beta of 0.20. The stock's 50 day moving average price is $15.65 and its 200 day moving average price is $17.21.

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

Frontline Cuts Dividend

The firm also recently declared 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 5.19%. The ex-dividend date was Friday, March 14th. Frontline's payout ratio is 36.04%.

Analysts Set New Price Targets

Separately, Kepler Capital Markets set a $12.49 target price on Frontline in a research report on Thursday, March 27th. Two investment analysts have rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $23.62.

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.