Capital Fund Management S.A. Buys Shares of 367,555 Frontline plc (NYSE:FRO)

Capital Fund Management S.A. purchased a new position in shares of Frontline plc (NYSE:FRO) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 367,555 shares of the shipping company’s stock, valued at approximately $5,216,000.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Frontline by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 5,493,085 shares of the shipping company’s stock worth $75,502,000 after buying an additional 51,073 shares during the period. Renaissance Technologies LLC increased its position in shares of Frontline by 27.5% during the fourth quarter. Renaissance Technologies LLC now owns 1,378,037 shares of the shipping company’s stock worth $19,554,000 after acquiring an additional 297,437 shares in the last quarter. Hartree Partners LP raised its holdings in shares of Frontline by 482.6% during the fourth quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company’s stock worth $15,047,000 after acquiring an additional 878,885 shares during the period. Swiss National Bank lifted its position in Frontline by 0.6% in the 4th quarter. Swiss National Bank now owns 286,612 shares of the shipping company’s stock valued at $3,953,000 after acquiring an additional 1,845 shares in the last quarter. Finally, Discovery Capital Management LLC CT acquired a new position in Frontline in the 4th quarter worth $3,548,000. Institutional investors own 22.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FRO. Kepler Capital Markets set a $12.49 price target on Frontline in a research note on Thursday, March 27th. Jefferies Financial Group dropped their target price on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, December 17th. Two equities research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Frontline currently has an average rating of “Moderate Buy” and an average price target of $23.62.

Frontline Trading Up 10.5 %

Shares of NYSE:FRO opened at $15.51 on Monday. The stock has a market capitalization of $3.45 billion, a PE ratio of 6.33 and a beta of 0.20. The company’s 50-day moving average price is $15.93 and its two-hundred day moving average price is $17.40. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. Frontline plc has a one year low of $12.40 and a one year high of $29.39.

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

Frontline Cuts Dividend

The company also recently announced 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. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 5.16%. Frontline’s payout ratio 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.