Public Employees Retirement System of Ohio Acquires Shares of 43,990 Frontline plc (NYSE:FRO)

Public Employees Retirement System of Ohio bought a new stake in shares of Frontline plc (NYSE:FRO - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 43,990 shares of the shipping company's stock, valued at approximately $998,000.

Other hedge funds also recently modified their holdings of the company. Godsey & Gibb Inc. acquired a new stake in shares of Frontline during the 3rd quarter valued at $25,000. Ashton Thomas Private Wealth LLC purchased a new position in Frontline in the second quarter valued at about $31,000. Summit Securities Group LLC increased its position in Frontline by 75.0% in the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company's stock worth $36,000 after purchasing an additional 600 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Frontline by 17,866.7% during the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company's stock worth $56,000 after purchasing an additional 2,144 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Frontline by 4,965.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company's stock valued at $116,000 after buying an additional 4,618 shares during the last quarter. Hedge funds and other institutional investors own 22.70% of the company's stock.

Frontline Stock Performance

FRO traded up $0.04 during midday trading on Friday, reaching $13.38. The company's stock had a trading volume of 2,341,435 shares, compared to its average volume of 1,995,460. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The company has a fifty day simple moving average of $18.43 and a 200 day simple moving average of $22.17. The stock has a market cap of $2.98 billion and a P/E ratio of 5.46. Frontline plc has a twelve month low of $13.17 and a twelve month high of $29.39.

Frontline (NYSE:FRO - Get Free Report) last issued its quarterly earnings results 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 net margin of 25.64% and a return on equity of 19.25%. During the same quarter in the prior year, the company earned $0.36 earnings per share. Research analysts expect that Frontline plc will post 1.83 earnings per share for the current year.

Frontline Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th will be given a $0.34 dividend. The ex-dividend date is Wednesday, December 11th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 10.16%. Frontline's dividend payout ratio is currently 55.51%.

Wall Street Analysts Forecast Growth

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

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.