Clear Harbor Asset Management LLC Buys New Shares in Frontline plc (NYSE:FRO)

Clear Harbor Asset Management LLC purchased a new stake in shares of Frontline plc (NYSE:FRO - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 15,100 shares of the shipping company's stock, valued at approximately $214,000.

Other large investors have also made changes to their positions in the company. Godsey & Gibb Inc. acquired a new stake in shares of Frontline during the third quarter valued at approximately $25,000. Blue Trust Inc. raised its holdings in shares of Frontline by 124.4% during the third quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company's stock valued at $111,000 after acquiring an additional 2,681 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Frontline by 4,965.6% during the second quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company's stock valued at $116,000 after acquiring an additional 4,618 shares during the period. U S Global Investors Inc. acquired a new stake in shares of Frontline during the third quarter valued at approximately $135,000. Finally, Private Advisor Group LLC raised its holdings in shares of Frontline by 4.8% during the third quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company's stock valued at $243,000 after acquiring an additional 490 shares during the period. Institutional investors and hedge funds own 22.70% of the company's stock.

Frontline Stock Up 0.7 %

FRO stock traded up $0.12 during trading hours on Thursday, hitting $16.76. The company's stock had a trading volume of 1,958,128 shares, compared to its average volume of 4,951,321. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The company has a market capitalization of $3.73 billion, a PE ratio of 6.84 and a beta of 0.01. Frontline plc has a 12 month low of $13.17 and a 12 month high of $29.39. The stock has a 50 day moving average price of $16.17 and a two-hundred day moving average price of $20.45.

Frontline (NYSE:FRO - Get Free Report) last posted its 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 return on equity of 19.25% and a net margin of 25.64%. During the same quarter in the prior year, the company earned $0.36 earnings per share. On average, equities research analysts expect that Frontline plc will post 1.83 earnings per share for the current year.

Frontline Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 8.11%. The ex-dividend date of this dividend was Wednesday, December 11th. Frontline's dividend payout ratio is currently 55.51%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Kepler Capital Markets lowered shares of 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. Jefferies Financial Group lowered their price objective on shares of Frontline from $26.00 to $20.00 and set a "buy" rating on the stock in a research report on Tuesday, December 17th. Fearnley Fonds raised shares of Frontline to a "strong-buy" rating in a research report on Friday, September 27th. Finally, BTIG Research raised shares of Frontline from a "neutral" rating to a "buy" rating and set a $30.00 price objective on the stock in a research report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $24.03.

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.