Summit Financial LLC Makes New $2.06 Million Investment in Frontline plc (NYSE:FRO)

Summit Financial LLC bought a new stake in Frontline plc (NYSE:FRO - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 145,142 shares of the shipping company's stock, valued at approximately $2,060,000. Summit Financial LLC owned 0.07% of Frontline as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Jones Financial Companies Lllp bought a new stake in shares of Frontline during the 4th quarter valued at $31,000. Golden State Wealth Management LLC purchased a new position in Frontline during the fourth quarter valued at $84,000. Blue Trust Inc. grew its holdings in Frontline by 84.4% during the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock valued at $127,000 after purchasing an additional 4,084 shares during the period. Clear Harbor Asset Management LLC purchased a new stake in Frontline in the fourth quarter worth about $214,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Frontline during the 4th quarter valued at about $241,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Jefferies Financial Group reduced their target price on shares of Frontline from $26.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, December 17th. Kepler Capital Markets set a $12.49 price objective on shares of Frontline in a research note on Thursday, March 27th. Two investment analysts have rated the stock with a sell rating, three have issued a buy rating and one has assigned 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.

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Frontline Price Performance

FRO stock traded down $1.52 during midday trading on Friday, hitting $12.83. The company's stock had a trading volume of 6,504,995 shares, compared to its average volume of 2,302,831. The firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of 5.23 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. Frontline plc has a 12 month low of $12.40 and a 12 month high of $29.39. The company has a 50 day moving average of $16.37 and a two-hundred day moving average of $17.82.

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

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders 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 annualized dividend and a dividend yield of 6.24%. Frontline's dividend payout ratio (DPR) is 36.04%.

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.