Svenska Handelsbanken AB publ Buys Shares of 30,098 Frontline plc (NYSE:FRO)

Svenska Handelsbanken AB publ acquired a new position in Frontline plc (NYSE:FRO - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 30,098 shares of the shipping company's stock, valued at approximately $415,000. Frontline makes up approximately 66.6% of Svenska Handelsbanken AB publ's investment portfolio, making the stock its biggest holding.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Private Advisor Group LLC raised its stake in shares of Frontline by 4.8% in the third quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company's stock worth $243,000 after buying an additional 490 shares during the period. IHT Wealth Management LLC boosted its stake in Frontline by 3.5% during the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company's stock valued at $359,000 after buying an additional 535 shares during the last quarter. Godsey & Gibb Inc. purchased a new position in Frontline during the 3rd quarter valued at approximately $25,000. Redhawk Wealth Advisors Inc. increased its stake in Frontline by 6.7% in the 3rd quarter. Redhawk Wealth Advisors Inc. now owns 25,675 shares of the shipping company's stock worth $587,000 after acquiring an additional 1,608 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Frontline by 124.4% during the 3rd quarter. Blue Trust Inc. now owns 4,837 shares of the shipping company's stock worth $111,000 after acquiring an additional 2,681 shares in the last quarter. Hedge funds and other institutional investors own 22.70% of the company's stock.

Frontline Trading Down 2.1 %

FRO stock traded down $0.41 during trading on Wednesday, hitting $18.47. The company had a trading volume of 1,619,293 shares, compared to its average volume of 4,157,857. 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 firm has a market capitalization of $4.11 billion and a P/E ratio of 7.50. The company has a 50 day simple moving average of $15.71 and a 200-day simple moving average of $20.01. Frontline plc has a 52-week low of $13.17 and a 52-week high of $29.39.

Frontline (NYSE:FRO - Get Free Report) last issued its quarterly earnings data on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 quarter in the previous year, the company posted $0.36 earnings per share. As a group, research analysts forecast that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Wednesday, December 11th. This represents a $1.36 annualized dividend and a yield of 7.37%. Frontline's dividend payout ratio (DPR) is 55.51%.

Analyst Ratings Changes

A number of research analysts recently weighed in on FRO shares. Jefferies Financial Group reduced their price target on shares of Frontline from $26.00 to $20.00 and set a "buy" rating on the stock in a research report on Tuesday, December 17th. Kepler Capital Markets lowered Frontline from a "buy" rating to a "hold" rating and set a $15.83 price objective for the company. in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.03.

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.