Harbour Capital Advisors LLC Purchases Shares of 30,810 Frontline plc (NYSE:FRO)

Harbour Capital Advisors LLC bought a new position in shares of Frontline plc (NYSE:FRO - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 30,810 shares of the shipping company's stock, valued at approximately $439,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FRO. Private Advisor Group LLC raised its holdings in Frontline by 4.8% during the 3rd 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. IHT Wealth Management LLC lifted its holdings in shares of Frontline by 3.5% in the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company's stock worth $359,000 after buying an additional 535 shares in the last quarter. TD Asset Management Inc boosted its position in shares of Frontline by 9.7% in the second quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company's stock valued at $258,000 after acquiring an additional 871 shares during the period. Godsey & Gibb Inc. purchased a new position in Frontline during the third quarter valued at approximately $25,000. Finally, Ashton Thomas Private Wealth LLC bought a new stake in Frontline during the 2nd quarter worth approximately $31,000. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FRO. Fearnley Fonds upgraded Frontline to a "strong-buy" rating in a research report on Friday, September 27th. Kepler Capital Markets cut shares of Frontline from a "buy" rating to a "hold" rating and set a $15.83 price objective on the stock. in a research report on Thursday, December 12th. BTIG Research upgraded shares of Frontline from a "neutral" rating to a "buy" rating and set a $30.00 target price for the company in a research report on Monday, October 7th. Finally, Jefferies Financial Group decreased their price target on shares of Frontline from $26.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $24.03.

Frontline Trading Up 1.0 %

FRO traded up $0.18 during midday trading on Tuesday, reaching $18.48. 5,303,580 shares of the company's stock traded hands, compared to its average volume of 5,234,797. Frontline plc has a 52 week low of $13.17 and a 52 week high of $29.39. 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 firm has a fifty day moving average of $16.37 and a two-hundred day moving average of $20.79. The stock has a market capitalization of $4.11 billion, a price-to-earnings ratio of 7.54 and a beta of 0.01.

Frontline (NYSE:FRO - Get Free Report) last announced its quarterly earnings data on Wednesday, November 27th. The shipping company reported $0.34 earnings per share for the quarter, missing analysts' consensus estimates 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 previous year, the firm posted $0.36 earnings per share. On average, equities analysts anticipate that Frontline plc will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were issued a $0.34 dividend. The ex-dividend date of this dividend was Wednesday, December 11th. This represents a $1.36 annualized dividend and a yield of 7.36%. Frontline's payout ratio is 55.51%.

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.