Frontline plc (NYSE:FRO) Position Trimmed by Barclays PLC

Barclays PLC reduced its stake in shares of Frontline plc (NYSE:FRO - Free Report) by 55.6% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 207,009 shares of the shipping company's stock after selling 259,421 shares during the period. Barclays PLC's holdings in Frontline were worth $4,730,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. The Manufacturers Life Insurance Company grew its stake in Frontline by 1,326.2% in the third 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. M&G PLC increased its stake in Frontline by 27.2% in the third quarter. M&G PLC now owns 1,110,763 shares of the shipping company's stock worth $25,164,000 after purchasing an additional 237,446 shares during the period. Forest Avenue Capital Management LP increased its position in Frontline by 12.7% during the 2nd quarter. Forest Avenue Capital Management LP now owns 1,429,909 shares of the shipping company's stock valued at $36,834,000 after purchasing an additional 161,518 shares during the period. Point72 Europe London LLP acquired a new stake in Frontline in the third quarter valued at approximately $3,219,000. Finally, Hsbc Holdings PLC increased its position in shares of Frontline by 7.7% in the 2nd quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company's stock valued at $50,683,000 after acquiring an additional 138,011 shares during the period. Hedge funds and other institutional investors own 22.70% of the company's stock.

Frontline Stock Performance

NYSE:FRO traded up $0.04 during midday trading on Friday, reaching $13.38. 2,341,435 shares of the company traded hands, compared to its average volume of 1,995,460. The company has a fifty day moving average price of $18.22 and a 200 day moving average price of $22.03. The firm has a market capitalization of $2.98 billion and a price-to-earnings ratio of 5.46. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. Frontline plc has a twelve month low of $13.17 and a twelve month high of $29.39.

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

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.36 annualized dividend and a yield of 10.16%. Frontline's payout ratio is 55.51%.

Wall Street Analyst Weigh In

FRO has been the subject of several analyst reports. Fearnley Fonds upgraded Frontline to a "strong-buy" rating in a report on Friday, September 27th. 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. BTIG Research raised Frontline from a "neutral" rating to a "buy" rating and set a $30.00 price target on the stock in a research note on Monday, October 7th. StockNews.com raised shares of Frontline to a "sell" rating in a research note on Thursday, September 5th. Finally, Kepler Capital Markets lowered shares of 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. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $24.36.

About Frontline

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.