Private Advisor Group LLC Boosts Stock Holdings in Frontline plc (NYSE:FRO)

Private Advisor Group LLC grew its position in shares of Frontline plc (NYSE:FRO) by 164.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,053 shares of the shipping company’s stock after buying an additional 17,428 shares during the quarter. Private Advisor Group LLC’s holdings in Frontline were worth $398,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in FRO. Golden State Wealth Management LLC bought a new position in Frontline during the fourth quarter valued at approximately $84,000. Blue Trust Inc. lifted its position in Frontline by 84.4% during the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock valued at $127,000 after purchasing an additional 4,084 shares during the period. Clear Harbor Asset Management LLC bought a new position in Frontline during the fourth quarter valued at approximately $214,000. Vestcor Inc bought a new position in Frontline during the third quarter valued at approximately $255,000. Finally, IHT Wealth Management LLC lifted its position in Frontline by 3.5% during the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock valued at $359,000 after purchasing an additional 535 shares during the period. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Price Performance

Shares of Frontline stock opened at $16.66 on Wednesday. The stock has a 50 day moving average of $16.55 and a 200 day moving average of $19.04. Frontline plc has a 12 month low of $13.17 and a 12 month high of $29.39. The firm has a market cap of $3.71 billion and a PE ratio of 6.80. 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 (NYSE:FRO) last announced its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, meeting analysts’ consensus estimates of $0.20. The company had revenue of $425.60 million during the quarter, compared to analyst estimates of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm’s revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.46 earnings per share. On average, research analysts expect that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.80%. The ex-dividend date of this dividend is Friday, March 14th. Frontline’s payout ratio is 36.04%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on FRO shares. Kepler Capital Markets downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective on the stock. in a research report on Thursday, December 12th. Jefferies Financial Group cut their price objective on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, three have given 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 $24.46.

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.