JPMorgan Chase & Co. Sells 478,709 Shares of Frontline plc (NYSE:FRO)

JPMorgan Chase & Co. cut its holdings in shares of Frontline plc (NYSE:FRO - Free Report) by 43.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 616,403 shares of the shipping company's stock after selling 478,709 shares during the period. JPMorgan Chase & Co. owned about 0.28% of Frontline worth $14,085,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new stake in Frontline during the 3rd quarter worth approximately $783,000. Charles Schwab Investment Management Inc. boosted its position 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 buying an additional 22,022 shares during the period. Edge Capital Group LLC boosted its position in Frontline by 31.8% during the 2nd quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company's stock worth $10,641,000 after buying an additional 99,765 shares during the period. FCG Investment Co acquired a new stake in Frontline during the 3rd quarter worth approximately $823,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Frontline during the 3rd quarter worth approximately $998,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Stock Up 8.9 %

FRO stock traded up $1.41 during midday trading on Friday, reaching $17.24. 7,805,201 shares of the company's stock traded hands, compared to its average volume of 4,849,229. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 7.04 and a beta of 0.01. The firm's fifty day moving average price is $16.39 and its 200-day moving average price is $20.85. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. Frontline plc has a 52 week low of $13.17 and a 52 week 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 analysts' consensus estimates 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 in the prior year, the business posted $0.36 EPS. As a group, sell-side analysts forecast that Frontline plc will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th were paid a $0.34 dividend. The ex-dividend date of this dividend was Wednesday, December 11th. This represents a $1.36 annualized dividend and a dividend yield of 7.89%. Frontline's payout ratio is 55.51%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on FRO shares. Jefferies Financial Group dropped their price target 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. BTIG Research upgraded shares of Frontline from a "neutral" rating to a "buy" rating and set a $30.00 target price on the stock in a research report on Monday, October 7th. Fearnley Fonds upgraded shares of Frontline to a "strong-buy" rating in a research report on Friday, September 27th. Finally, Kepler Capital Markets downgraded shares of Frontline from a "buy" rating to a "hold" rating and set a $15.83 target price on the stock. in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $24.03.

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.