Frontline plc (NYSE:FRO) Shares Sold by TrueMark Investments LLC

TrueMark Investments LLC lessened its position in Frontline plc (NYSE:FRO) by 48.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 35,936 shares of the shipping company’s stock after selling 34,448 shares during the period. TrueMark Investments LLC’s holdings in Frontline were worth $510,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Frontline by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 5,493,085 shares of the shipping company’s stock worth $75,502,000 after purchasing an additional 51,073 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Frontline by 1,326.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 527,470 shares of the shipping company’s stock worth $12,053,000 after purchasing an additional 490,486 shares during the period. Swiss National Bank raised its stake in shares of Frontline by 0.6% during the 4th quarter. Swiss National Bank now owns 286,612 shares of the shipping company’s stock worth $3,953,000 after buying an additional 1,845 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Frontline by 3.8% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 143,510 shares of the shipping company’s stock valued at $3,279,000 after buying an additional 5,200 shares during the period. Finally, Point72 Europe London LLP purchased a new stake in shares of Frontline in the third quarter valued at approximately $3,219,000. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Stock Down 1.5 %

Frontline stock opened at $16.05 on Wednesday. Frontline plc has a fifty-two week low of $13.17 and a fifty-two week high of $29.39. The firm has a market capitalization of $3.57 billion, a price-to-earnings ratio of 6.55 and a beta of -0.04. The stock’s fifty day moving average is $16.75 and its two-hundred day moving average is $18.23. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, meeting analysts’ consensus estimates of $0.20. The firm had revenue of $425.60 million for the quarter, compared to analysts’ expectations of $273.16 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. 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 EPS. Analysts predict that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The business 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 $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.98%. The ex-dividend date is Friday, March 14th. Frontline’s payout ratio is currently 36.04%.

Analysts Set New Price Targets

Several research firms have issued reports on FRO. Kepler Capital Markets cut Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective for the company. in a research report on Thursday, December 12th. Jefferies Financial Group cut their price target 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. One analyst has rated the stock with a sell rating, one has assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.46.

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.