Frontline plc (NYSE:FRO) Shares Acquired by Vanguard Group Inc.

Vanguard Group Inc. raised its holdings in shares of Frontline plc (NYSE:FRO - Free Report) by 0.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,493,085 shares of the shipping company's stock after purchasing an additional 51,073 shares during the period. Vanguard Group Inc. owned approximately 2.47% of Frontline worth $75,502,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of FRO. Jones Financial Companies Lllp bought a new stake in shares of Frontline in the fourth quarter worth approximately $31,000. Golden State Wealth Management LLC purchased a new stake in Frontline during the 4th quarter valued at $84,000. Blue Trust Inc. boosted its stake in shares of Frontline by 84.4% in the 4th 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 during the last quarter. Clear Harbor Asset Management LLC bought a new stake in shares of Frontline in the fourth quarter worth $214,000. Finally, Raymond James Financial Inc. bought a new position in Frontline in the fourth quarter valued at about $241,000. Hedge funds and other institutional investors own 22.70% of the company's stock.

Frontline Trading Up 1.5 %

Shares of NYSE FRO traded up $0.23 during trading hours on Wednesday, hitting $14.75. 320,972 shares of the company traded hands, compared to its average volume of 2,350,931. The company has a current ratio of 1.43, a quick 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 stock has a market capitalization of $3.28 billion, a price-to-earnings ratio of 6.02 and a beta of 0.20. The company's 50 day moving average price is $15.79 and its 200 day moving average price is $17.33.

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Frontline (NYSE:FRO - Get Free Report) last released its earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, hitting analysts' consensus estimates of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The business had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. During the same quarter last year, the firm posted $0.46 earnings per share. The business's revenue was up 2.6% compared to the same quarter last year. On average, equities research analysts anticipate that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 5.43%. The ex-dividend date was Friday, March 14th. Frontline's payout ratio is 36.04%.

Analyst Ratings Changes

Several brokerages have recently weighed in on FRO. Jefferies Financial Group lowered their price objective on shares of Frontline from $26.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, December 17th. Kepler Capital Markets set a $12.49 target price on Frontline in a report on Thursday, March 27th. Two research 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 stock. Based on data from MarketBeat, Frontline presently has an average rating of "Moderate Buy" and an average target price of $23.62.

About Frontline

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.