Rovida Advisors Inc. Increases Position in Frontline plc (NYSE:FRO)

Rovida Advisors Inc. lifted its holdings in shares of Frontline plc (NYSE:FRO - Free Report) by 60.0% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 160,000 shares of the shipping company's stock after purchasing an additional 60,000 shares during the period. Frontline accounts for about 1.8% of Rovida Advisors Inc.'s portfolio, making the stock its 12th largest position. Rovida Advisors Inc. owned 0.07% of Frontline worth $2,272,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FRO. Jones Financial Companies Lllp acquired a new position in Frontline during the 4th quarter valued at about $31,000. Golden State Wealth Management LLC bought a new position in Frontline during the 4th quarter worth about $84,000. Blue Trust Inc. grew its holdings in shares of Frontline by 84.4% during the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock worth $127,000 after buying an additional 4,084 shares in the last quarter. Vestcor Inc bought a new position in shares of Frontline during the 3rd quarter worth approximately $255,000. Finally, Clear Harbor Asset Management LLC bought a new position in Frontline in the fourth quarter valued at $214,000. Institutional investors and hedge funds own 22.70% of the company's stock.

Wall Street Analyst Weigh In

FRO has been the topic of several analyst reports. Kepler Capital Markets lowered shares of Frontline from a "hold" rating to a "strong sell" rating in a research report on Thursday. Jefferies Financial Group lowered their price objective on Frontline from $26.00 to $20.00 and set a "buy" rating on the stock in a research report on Tuesday, December 17th. Two investment analysts have rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $24.46.

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Frontline Trading Up 0.2 %

Shares of FRO stock traded up $0.04 during mid-day trading on Friday, hitting $14.95. The company's stock had a trading volume of 2,185,147 shares, compared to its average volume of 2,260,477. 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 quick ratio of 1.43 and a current ratio of 1.43. The company's fifty day simple moving average is $16.59 and its 200-day simple moving average is $18.14. The company has a market cap of $3.33 billion, a PE ratio of 6.10 and a beta of -0.04.

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 (EPS) for the quarter, meeting analysts' consensus estimates of $0.20. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The firm had revenue of $425.60 million during the quarter, compared to analysts' expectations of $273.16 million. During the same period last year, the company earned $0.46 earnings per share. The business's revenue was up 2.6% on a year-over-year basis. As a group, equities research analysts expect that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 5.35%. Frontline's payout ratio is currently 36.04%.

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.