Mirabella Financial Services LLP Acquires New Stake in Frontline plc (NYSE:FRO)

Mirabella Financial Services LLP bought a new stake in shares of Frontline plc (NYSE:FRO - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 650,000 shares of the shipping company's stock, valued at approximately $9,224,000. Frontline accounts for approximately 0.8% of Mirabella Financial Services LLP's portfolio, making the stock its 29th biggest holding. Mirabella Financial Services LLP owned about 0.29% of Frontline as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Cooper Creek Partners Management LLC bought a new stake in Frontline during the fourth quarter worth about $41,447,000. Hartree Partners LP raised its position in shares of Frontline by 482.6% in the 4th quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company's stock valued at $15,047,000 after buying an additional 878,885 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of Frontline by 137.2% during the 4th quarter. Marshall Wace LLP now owns 1,090,427 shares of the shipping company's stock worth $15,473,000 after acquiring an additional 630,685 shares during the period. Capital Fund Management S.A. acquired a new stake in shares of Frontline during the 4th quarter worth approximately $5,216,000. Finally, Renaissance Technologies LLC increased its stake in Frontline by 27.5% in 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 last quarter. 22.70% of the stock is owned by institutional investors and hedge funds.

Frontline Price Performance

Shares of NYSE:FRO traded up $0.14 during trading on Tuesday, hitting $15.00. 1,775,759 shares of the company were exchanged, compared to its average volume of 2,365,232. Frontline plc has a 1-year low of $12.40 and a 1-year high of $29.39. The company has a market capitalization of $3.34 billion, a P/E 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. The business's 50 day moving average is $15.54 and its 200-day moving average is $17.02.

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, hitting analysts' consensus estimates of $0.20. The business had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. Frontline's quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.46 EPS. Equities analysts forecast that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.20 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 5.33%. Frontline's dividend payout ratio (DPR) is presently 36.04%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Kepler Capital Markets set a $12.49 target price on Frontline in a research note on Thursday, March 27th. Evercore ISI dropped their price objective on Frontline from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Tuesday. 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 stock. According to data from MarketBeat, the stock has a consensus 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.