25,662 Shares in Frontline plc (NYSE:FRO) Bought by Virtu Financial LLC

Virtu Financial LLC bought a new position in shares of Frontline plc (NYSE:FRO - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 25,662 shares of the shipping company's stock, valued at approximately $364,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Jones Financial Companies Lllp acquired a new position in shares of Frontline in the 4th quarter worth approximately $31,000. Golden State Wealth Management LLC bought a new position in shares of Frontline in the 4th quarter worth about $84,000. Blue Trust Inc. boosted its holdings 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 valued at $127,000 after buying an additional 4,084 shares during the period. Vestcor Inc bought a new stake in shares of Frontline during the 3rd quarter valued at about $255,000. Finally, Clear Harbor Asset Management LLC bought a new stake in shares of Frontline during the 4th quarter valued at about $214,000. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Price Performance

Shares of FRO 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 fifty-two week low of $13.17 and a fifty-two week high of $29.39. The stock has a market capitalization of $3.33 billion, a price-to-earnings ratio of 6.10 and a beta of -0.04. The firm has a 50-day moving average price of $16.59 and a 200 day moving average price of $18.12. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43.

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Frontline (NYSE:FRO - Get Free Report) last announced its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, meeting analysts' consensus estimates of $0.20. The company had revenue of $425.60 million during the quarter, compared to the consensus estimate of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The company's quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.46 EPS. On average, research analysts predict that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Jefferies Financial Group decreased their target price on Frontline from $26.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, December 17th. Kepler Capital Markets downgraded Frontline from a "hold" rating to a "strong sell" rating in a research note on Thursday. Two 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. Based on data from MarketBeat.com, Frontline currently 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.