24,012 Shares in Frontline plc (NYSE:FRO) Acquired by SBI Securities Co. Ltd.

SBI Securities Co. Ltd. acquired a new position in shares of Frontline plc (NYSE:FRO) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 24,012 shares of the shipping company’s stock, valued at approximately $341,000.

Other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC purchased a new position in Frontline during the 3rd quarter worth $783,000. Range Financial Group LLC purchased a new position in Frontline during the 4th quarter worth $579,000. Charles Schwab Investment Management Inc. increased its holdings in Frontline by 102.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 43,494 shares of the shipping company’s stock worth $994,000 after purchasing an additional 22,022 shares during the period. Clear Harbor Asset Management LLC purchased a new position in Frontline during the 4th quarter worth $214,000. Finally, Harbour Capital Advisors LLC purchased a new position in Frontline during the 4th quarter worth $439,000. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Stock Down 4.7 %

Shares of FRO stock opened at $15.82 on Thursday. Frontline plc has a 1-year low of $13.17 and a 1-year high of $29.39. The stock’s fifty day moving average price is $16.55 and its 200 day moving average price is $19.04. 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 has a market cap of $3.52 billion and a price-to-earnings ratio of 6.46.

Frontline (NYSE:FRO) last announced its earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, hitting the consensus estimate of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm had revenue of $425.60 million for the quarter, compared to the consensus estimate of $273.16 million. During the same period in the previous year, the business earned $0.46 EPS. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, research analysts expect that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, March 14th. This represents a $0.80 annualized dividend and a yield of 5.06%. Frontline’s dividend payout ratio (DPR) is 36.04%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on FRO shares. Jefferies Financial Group cut their price target on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. Kepler Capital Markets downgraded Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target on the stock. in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.