Frontline plc (NYSE:FRO) Stock Position Lifted by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. boosted its stake in shares of Frontline plc (NYSE:FRO) by 1,281.1% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 24,556 shares of the shipping company’s stock after purchasing an additional 22,778 shares during the period. PNC Financial Services Group Inc.’s holdings in Frontline were worth $492,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. ICA Group Wealth Management LLC purchased a new position in Frontline during the fourth quarter valued at approximately $25,000. Teachers Retirement System of The State of Kentucky bought a new stake in Frontline in the fourth quarter worth approximately $2,811,000. Forest Avenue Capital Management LP grew its position in Frontline by 115.9% in the fourth quarter. Forest Avenue Capital Management LP now owns 1,057,691 shares of the shipping company’s stock worth $21,207,000 after acquiring an additional 567,900 shares in the last quarter. Penn Mutual Asset Management LLC bought a new stake in Frontline in the fourth quarter worth approximately $203,000. Finally, Seven Eight Capital LP bought a new stake in Frontline in the fourth quarter worth approximately $750,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on FRO shares. JPMorgan Chase & Co. decreased their target price on shares of Frontline from $23.00 to $22.30 and set a “neutral” rating for the company in a research report on Friday, March 1st. Jefferies Financial Group reissued a “buy” rating and issued a $30.00 target price on shares of Frontline in a research report on Thursday, May 30th. Finally, StockNews.com cut shares of Frontline from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st.

Frontline Price Performance

Shares of Frontline stock opened at $26.27 on Friday. The firm has a fifty day simple moving average of $25.96 and a 200-day simple moving average of $23.61. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 1.59. Frontline plc has a 1-year low of $13.42 and a 1-year high of $29.39. The stock has a market capitalization of $5.85 billion, a price-to-earnings ratio of 9.18 and a beta of 0.03.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Thursday, May 30th. The shipping company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.24). Frontline had a return on equity of 23.14% and a net margin of 32.94%. The firm had revenue of $578.40 million during the quarter, compared to analyst estimates of $380.73 million. During the same quarter in the previous year, the firm posted $0.87 earnings per share. Frontline’s quarterly revenue was up 16.3% compared to the same quarter last year. On average, sell-side analysts expect that Frontline plc will post 3.43 earnings per share for the current year.

Frontline Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.62 per share. This is a boost from Frontline’s previous quarterly dividend of $0.37. This represents a $2.48 annualized dividend and a yield of 9.44%. The ex-dividend date of this dividend is Friday, June 14th. Frontline’s dividend payout ratio is presently 86.71%.

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.