Frontline plc (NYSE:FRO) Position Trimmed by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its stake in Frontline plc (NYSE:FRO) by 43.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 616,403 shares of the shipping company’s stock after selling 478,709 shares during the period. JPMorgan Chase & Co. owned approximately 0.28% of Frontline worth $14,085,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of FRO. Godsey & Gibb Inc. acquired a new position in shares of Frontline in the 3rd quarter worth $25,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Frontline in the 2nd quarter valued at $31,000. Blue Trust Inc. boosted its position in shares of Frontline by 124.4% in the 3rd quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company’s stock valued at $111,000 after purchasing an additional 2,681 shares during the period. EverSource Wealth Advisors LLC increased its stake in Frontline by 4,965.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock worth $116,000 after purchasing an additional 4,618 shares in the last quarter. Finally, U S Global Investors Inc. acquired a new stake in Frontline during the 3rd quarter worth about $135,000. Institutional investors own 22.70% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on FRO. Jefferies Financial Group decreased their target price on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Kepler Capital Markets downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target for the company. in a research report on Thursday, December 12th. BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a research report on Monday, October 7th. Finally, Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a research note on Friday, September 27th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $24.03.

Frontline Stock Up 8.9 %

Frontline stock opened at $17.24 on Friday. Frontline plc has a twelve month low of $13.17 and a twelve month 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. The firm has a market cap of $3.84 billion, a PE ratio of 7.04 and a beta of 0.01. The firm’s 50 day moving average price is $16.39 and its two-hundred day moving average price is $20.88.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same period in the previous year, the business earned $0.36 EPS. On average, research analysts predict that Frontline plc will post 1.83 EPS for the current fiscal year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 7.89%. The ex-dividend date of this dividend was Wednesday, December 11th. Frontline’s dividend payout ratio (DPR) is presently 55.51%.

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.