Creative Planning Makes New Investment in Frontline plc (NYSE:FRO)

Creative Planning bought a new stake in shares of Frontline plc (NYSE:FRO) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 25,823 shares of the shipping company’s stock, valued at approximately $590,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Summit Securities Group LLC grew its stake in Frontline by 75.0% in the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after purchasing an additional 600 shares during the last quarter. Cozad Asset Management Inc. grew its position in shares of Frontline by 6.4% in the 2nd quarter. Cozad Asset Management Inc. now owns 12,976 shares of the shipping company’s stock worth $334,000 after buying an additional 785 shares during the last quarter. TD Asset Management Inc raised its stake in shares of Frontline by 9.7% during the 2nd quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company’s stock worth $258,000 after acquiring an additional 871 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in Frontline during the second quarter valued at approximately $31,000. Finally, Redhawk Wealth Advisors Inc. boosted its stake in Frontline by 6.7% in the third quarter. Redhawk Wealth Advisors Inc. now owns 25,675 shares of the shipping company’s stock valued at $587,000 after acquiring an additional 1,608 shares in the last quarter. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Price Performance

NYSE FRO opened at $19.13 on Tuesday. Frontline plc has a 1 year low of $18.34 and a 1 year high of $29.39. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 1.38. The company has a fifty day moving average of $22.55 and a 200 day moving average of $24.19.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.03). The company had revenue of $409.72 million during the quarter, compared to analyst estimates of $383.88 million. Frontline had a net margin of 29.42% and a return on equity of 19.73%. During the same period last year, the firm earned $0.94 EPS. On average, research analysts anticipate that Frontline plc will post 2.38 earnings per share for the current fiscal year.

Frontline Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 12.96%. The ex-dividend date of this dividend was Friday, September 13th. Frontline’s dividend payout ratio (DPR) is 93.23%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Evercore ISI reduced their price target on Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. StockNews.com raised Frontline to a “sell” rating in a research report on Thursday, September 5th. Jefferies Financial Group restated a “buy” rating and set a $30.00 price target on shares of Frontline in a research note on Friday, August 30th. Fearnley Fonds upgraded shares of Frontline to a “strong-buy” rating in a report on Friday, September 27th. Finally, BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a research note on Monday, October 7th. One analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $28.06.

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.