Wells Fargo & Company MN Decreases Stake in Frontline plc (NYSE:FRO)

Wells Fargo & Company MN lowered its stake in shares of Frontline plc (NYSE:FRO - Free Report) by 84.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 17,174 shares of the shipping company's stock after selling 95,724 shares during the quarter. Wells Fargo & Company MN's holdings in Frontline were worth $244,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Frontline by 65.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 71,972 shares of the shipping company's stock valued at $1,021,000 after buying an additional 28,478 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in Frontline in the fourth quarter valued at approximately $341,000. Private Advisor Group LLC grew its holdings in Frontline by 164.0% in the fourth quarter. Private Advisor Group LLC now owns 28,053 shares of the shipping company's stock worth $398,000 after purchasing an additional 17,428 shares during the last quarter. Tejara Capital Ltd acquired a new position in shares of Frontline during the fourth quarter worth $633,000. Finally, Clear Harbor Asset Management LLC purchased a new stake in shares of Frontline during the 4th quarter valued at $214,000. Institutional investors own 22.70% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Kepler Capital Markets set a $12.49 target price on Frontline in a research note on Thursday, March 27th. Evercore ISI cut their price objective on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $20.62.

Frontline Stock Performance

FRO traded up $0.13 on Tuesday, reaching $17.64. 643,951 shares of the stock were exchanged, compared to its average volume of 2,436,413. 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 company's 50-day moving average price is $15.64 and its 200 day moving average price is $16.43. The firm has a market capitalization of $3.93 billion, a PE ratio of 7.20 and a beta of 0.24. Frontline plc has a fifty-two week low of $12.40 and a fifty-two week high of $29.39.

Frontline (NYSE:FRO - Get Free Report) last issued its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.20. The business had revenue of $425.60 million during 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%. The company's revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 EPS. As a group, sell-side analysts forecast 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. Investors of record on Friday, March 14th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.54%. The ex-dividend date was Friday, March 14th. Frontline's dividend payout ratio 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.