Frontline plc (NYSE:FRO) Stock Position Raised by Mariner LLC

Mariner LLC increased its position in Frontline plc (NYSE:FRO - Free Report) by 19.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 174,917 shares of the shipping company's stock after buying an additional 29,049 shares during the period. Mariner LLC owned 0.08% of Frontline worth $2,482,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in FRO. Barclays PLC lifted its holdings in Frontline by 135.5% in the 4th quarter. Barclays PLC now owns 487,597 shares of the shipping company's stock worth $6,921,000 after purchasing an additional 280,588 shares during the last quarter. Cooper Creek Partners Management LLC bought a new position in shares of Frontline in the fourth quarter valued at approximately $41,447,000. Capital Fund Management S.A. bought a new position in Frontline in the 4th quarter worth $5,216,000. Raymond James Financial Inc. acquired a new position in Frontline during the 4th quarter worth $241,000. Finally, Renaissance Technologies LLC boosted its holdings in Frontline by 27.5% during the fourth quarter. Renaissance Technologies LLC now owns 1,378,037 shares of the shipping company's stock valued at $19,554,000 after acquiring an additional 297,437 shares during the period. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Trading Up 1.0 %

Shares of Frontline stock opened at $15.00 on Wednesday. The firm's 50-day moving average price is $15.54 and its two-hundred day moving average price is $17.02. The company has a market capitalization of $3.34 billion, a price-to-earnings ratio of 6.12 and a beta of 0.20. 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 12-month low of $12.40 and a 12-month high of $29.39.

Frontline (NYSE:FRO - Get Free Report) last issued its earnings results 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 net margin of 25.64% and a return on equity of 19.25%. The firm had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. During the same quarter last year, the business posted $0.46 earnings per share. The company's quarterly revenue was up 2.6% on a year-over-year basis. On average, analysts forecast that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 5.33%. The ex-dividend date of this dividend was Friday, March 14th. Frontline's dividend payout ratio is presently 36.04%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on FRO shares. Evercore ISI cut their price objective on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Tuesday. Kepler Capital Markets set a $12.49 price target on shares of Frontline in a report on Thursday, March 27th. Two investment analysts have rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $20.62.

Frontline 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.

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