Marshall Wace LLP Boosts Holdings in Frontline plc (NYSE:FRO)

Marshall Wace LLP raised its holdings in Frontline plc (NYSE:FRO - Free Report) by 137.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,090,427 shares of the shipping company's stock after purchasing an additional 630,685 shares during the period. Marshall Wace LLP owned 0.49% of Frontline worth $15,473,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of FRO. Charles Schwab Investment Management Inc. raised its position in shares of Frontline by 65.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 71,972 shares of the shipping company's stock worth $1,021,000 after purchasing an additional 28,478 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Frontline in the fourth quarter worth $341,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Frontline in the fourth quarter valued at $342,000. Private Advisor Group LLC boosted its stake in shares of Frontline by 164.0% during the fourth quarter. Private Advisor Group LLC now owns 28,053 shares of the shipping company's stock valued at $398,000 after acquiring an additional 17,428 shares during the last quarter. Finally, Range Financial Group LLC purchased a new stake in Frontline during the 4th quarter worth about $579,000. Hedge funds and other institutional investors own 22.70% of the company's stock.

Frontline Stock Up 4.4 %

Shares of NYSE FRO opened at $15.43 on Monday. The stock has a market capitalization of $3.43 billion, a PE ratio of 6.30 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. The firm has a fifty day moving average of $15.65 and a 200-day moving average of $17.11. Frontline plc has a 52-week low of $12.40 and a 52-week high of $29.39.

Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.20. The firm had revenue of $425.60 million during the quarter, compared to the consensus estimate of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm's quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.46 earnings per share. On average, analysts anticipate that Frontline plc will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The firm also recently declared 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. The ex-dividend date was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 5.19%. Frontline's dividend payout ratio (DPR) is 36.04%.

Wall Street Analysts Forecast Growth

Separately, Kepler Capital Markets set a $12.49 price target on shares of Frontline in a report on Thursday, March 27th. Two analysts have rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.62.

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.

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