Barclays PLC grew its stake in shares of Frontline plc (NYSE:FRO - Free Report) by 135.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 487,597 shares of the shipping company's stock after acquiring an additional 280,588 shares during the period. Barclays PLC owned about 0.22% of Frontline worth $6,921,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the stock. Cooper Creek Partners Management LLC purchased a new stake in shares of Frontline in the fourth quarter valued at $41,447,000. Capital Fund Management S.A. acquired a new stake in Frontline during the 4th quarter worth about $5,216,000. Raymond James Financial Inc. acquired a new position in shares of Frontline in the 4th quarter valued at about $241,000. Renaissance Technologies LLC lifted its position in shares of Frontline by 27.5% in the fourth quarter. Renaissance Technologies LLC now owns 1,378,037 shares of the shipping company's stock worth $19,554,000 after purchasing an additional 297,437 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its position in Frontline by 1,117.1% during the fourth quarter. Russell Investments Group Ltd. now owns 20,727 shares of the shipping company's stock valued at $286,000 after purchasing an additional 19,024 shares in the last quarter. 22.70% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of brokerages have issued reports on FRO. Kepler Capital Markets set a $12.49 target price on shares of Frontline in a research note on Thursday, March 27th. Evercore ISI dropped their target price on Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Two equities research analysts have rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Frontline currently has an average rating of "Moderate Buy" and an average target price of $20.62.
View Our Latest Analysis on Frontline
Frontline Stock Up 2.5 %
NYSE:FRO traded up $0.41 during trading hours on Tuesday, reaching $16.70. The company's stock had a trading volume of 992,444 shares, compared to its average volume of 2,378,220. Frontline plc has a one year low of $12.40 and a one year high of $29.39. The business's 50-day moving average is $15.43 and its 200-day moving average is $16.73. 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 $3.72 billion, a price-to-earnings ratio of 6.83 and a beta of 0.20.
Frontline (NYSE:FRO - Get Free Report) last issued its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, meeting analysts' consensus estimates of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The business had revenue of $425.60 million for the quarter, compared to the consensus estimate of $273.16 million. During the same period last year, the business earned $0.46 EPS. The firm's revenue was up 2.6% compared to the same quarter last year. Equities research analysts predict that Frontline plc will post 1.78 EPS for the current year.
Frontline Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.20 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 4.79%. Frontline's payout ratio is presently 36.04%.
Frontline Profile
(
Free Report)
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.
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