Tejara Capital Ltd Buys New Shares in Frontline plc (NYSE:FRO)

Tejara Capital Ltd purchased a new position in Frontline plc (NYSE:FRO - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 44,603 shares of the shipping company's stock, valued at approximately $633,000.

A number of other institutional investors also recently made changes to their positions in FRO. Smead Capital Management Inc. raised its holdings in shares of Frontline by 5.1% in the 3rd quarter. Smead Capital Management Inc. now owns 670,581 shares of the shipping company's stock worth $15,188,000 after purchasing an additional 32,531 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Frontline by 1,326.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 527,470 shares of the shipping company's stock worth $12,053,000 after purchasing an additional 490,486 shares in the last quarter. Swiss National Bank raised its holdings in shares of Frontline by 0.6% in the 4th quarter. Swiss National Bank now owns 286,612 shares of the shipping company's stock worth $3,953,000 after purchasing an additional 1,845 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its holdings in shares of Frontline by 3.8% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 143,510 shares of the shipping company's stock worth $3,279,000 after purchasing an additional 5,200 shares in the last quarter. Finally, Point72 Europe London LLP bought a new stake in shares of Frontline in the 3rd quarter worth approximately $3,219,000. 22.70% of the stock is owned by institutional investors and hedge funds.

Frontline Stock Down 4.5 %

FRO stock traded down $0.75 during mid-day trading on Friday, hitting $16.13. 2,594,453 shares of the company were exchanged, compared to its average volume of 2,211,652. 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 firm has a market cap of $3.59 billion, a P/E ratio of 6.58 and a beta of -0.04. The firm's 50 day simple moving average is $16.84 and its 200 day simple moving average is $18.38. Frontline plc has a 1-year low of $13.17 and a 1-year high of $29.39.

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Frontline (NYSE:FRO - Get Free Report) last posted 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 company had revenue of $425.60 million for the quarter, compared to the consensus estimate of $273.16 million. During the same period last year, the company earned $0.46 earnings per share. The firm's revenue was up 2.6% compared to the same quarter last year. On average, sell-side analysts predict that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.20 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.96%. Frontline's dividend payout ratio (DPR) is presently 36.04%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on FRO shares. Jefferies Financial Group cut their price target on shares of Frontline from $26.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, December 17th. Kepler Capital Markets cut shares of Frontline from a "buy" rating to a "hold" rating and set a $15.83 target price for the company. in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $24.46.

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.