Tejara Capital Ltd Makes New Investment in Frontline plc (NYSE:FRO)

Tejara Capital Ltd bought a new position in shares of Frontline plc (NYSE:FRO) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 44,603 shares of the shipping company’s stock, valued at approximately $633,000.

Several other hedge funds have also recently bought and sold shares of the business. The Manufacturers Life Insurance Company boosted its holdings in Frontline by 1,326.2% during the third quarter. The Manufacturers Life Insurance Company now owns 527,470 shares of the shipping company’s stock valued at $12,053,000 after acquiring an additional 490,486 shares during the period. Point72 Europe London LLP bought a new stake in Frontline during the third quarter valued at about $3,219,000. Cinctive Capital Management LP boosted its holdings in Frontline by 120.8% during the third quarter. Cinctive Capital Management LP now owns 104,557 shares of the shipping company’s stock valued at $2,389,000 after acquiring an additional 57,206 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Frontline during the third quarter valued at about $998,000. Finally, Range Financial Group LLC bought a new stake in Frontline during the fourth quarter valued at about $579,000. 22.70% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group decreased their price target on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company 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 price target for the company. in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.46.

Frontline Stock Up 3.1 %

NYSE FRO opened at $15.90 on Tuesday. 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 50-day simple moving average of $16.83 and a 200 day simple moving average of $18.52. Frontline plc has a twelve month low of $13.17 and a twelve month high of $29.39. The stock has a market cap of $3.54 billion, a PE ratio of 6.49 and a beta of -0.04.

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

Frontline Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 5.03%. The ex-dividend date of this dividend is Friday, March 14th. Frontline’s payout ratio is presently 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.