National Bank of Canada FI Sells 43,728 Shares of Frontline plc (NYSE:FRO)

National Bank of Canada FI trimmed its position in shares of Frontline plc (NYSE:FRO - Free Report) by 96.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,428 shares of the shipping company's stock after selling 43,728 shares during the period. National Bank of Canada FI's holdings in Frontline were worth $33,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new stake in Frontline in the third quarter valued at about $783,000. Edge Capital Group LLC boosted its stake in shares of Frontline by 31.8% in the 2nd quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company's stock valued at $10,641,000 after purchasing an additional 99,765 shares in the last quarter. FCG Investment Co acquired a new stake in shares of Frontline in the 3rd quarter valued at approximately $823,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Frontline by 102.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 43,494 shares of the shipping company's stock valued at $994,000 after purchasing an additional 22,022 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in Frontline during the 2nd quarter worth approximately $548,000. 22.70% of the stock is owned by institutional investors.

Frontline Stock Down 3.2 %

NYSE:FRO traded down $0.44 on Thursday, hitting $13.34. The stock had a trading volume of 2,146,016 shares, compared to its average volume of 1,994,047. Frontline plc has a 1 year low of $13.33 and a 1 year high of $29.39. The firm's fifty day simple moving average is $18.43 and its two-hundred day simple moving average is $22.17. The stock has a market cap of $2.97 billion and a P/E ratio of 5.44. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43.

Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share for the quarter, missing the consensus estimate 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 period in the prior year, the company posted $0.36 EPS. Analysts predict that Frontline plc will post 1.83 earnings per share for the current year.

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 10.19%. The ex-dividend date of this dividend is Wednesday, December 11th. Frontline's dividend payout ratio (DPR) is presently 55.51%.

Analyst Ratings Changes

FRO has been the subject of several research analyst reports. StockNews.com upgraded shares of Frontline to a "sell" rating in a report on Thursday, September 5th. Jefferies Financial Group reduced their target price on shares of Frontline from $26.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday. BTIG Research raised Frontline from a "neutral" rating to a "buy" rating and set a $30.00 price target for the company in a research note on Monday, October 7th. Kepler Capital Markets lowered Frontline from a "buy" rating to a "hold" rating and set a $15.83 price objective on the stock. in a research note on Thursday, December 12th. Finally, Fearnley Fonds raised shares of Frontline to a "strong-buy" rating in a research report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.36.

About Frontline

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.