Moors & Cabot Inc. raised its position in shares of Frontline plc (NYSE:FRO – Free Report) by 8.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,000 shares of the shipping company’s stock after purchasing an additional 1,000 shares during the period. Moors & Cabot Inc.’s holdings in Frontline were worth $189,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Sei Investments Co. boosted its position in Frontline by 0.9% during the fourth quarter. Sei Investments Co. now owns 96,726 shares of the shipping company’s stock valued at $1,174,000 after acquiring an additional 833 shares during the last quarter. RMR Wealth Builders boosted its position in Frontline by 7.1% during the second quarter. RMR Wealth Builders now owns 14,283 shares of the shipping company’s stock valued at $218,000 after acquiring an additional 948 shares during the last quarter. Credit Suisse AG boosted its position in Frontline by 1.0% during the fourth quarter. Credit Suisse AG now owns 112,105 shares of the shipping company’s stock valued at $1,361,000 after acquiring an additional 1,153 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Frontline by 10.9% during the second quarter. Price T Rowe Associates Inc. MD now owns 12,018 shares of the shipping company’s stock valued at $106,000 after acquiring an additional 1,178 shares during the last quarter. Finally, FMR LLC boosted its position in Frontline by 11.4% during the second quarter. FMR LLC now owns 14,712 shares of the shipping company’s stock valued at $130,000 after acquiring an additional 1,501 shares during the last quarter. 25.66% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research firms have recently issued reports on FRO. JPMorgan Chase & Co. increased their price objective on shares of Frontline from $18.20 to $21.10 and gave the stock a “neutral” rating in a research report on Tuesday, October 31st. Jefferies Financial Group increased their price objective on shares of Frontline from $17.00 to $19.00 and gave the stock a “hold” rating in a research report on Tuesday, October 10th. Deutsche Bank Aktiengesellschaft lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $17.00 target price on the stock. in a report on Friday, August 25th. Finally, StockNews.com lowered shares of Frontline from a “hold” rating to a “sell” rating in a report on Thursday, November 16th. One equities research analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. According to MarketBeat.com, Frontline presently has an average rating of “Hold” and an average target price of $19.03.
Frontline Stock Up 1.6 %
FRO opened at $22.18 on Tuesday. The company has a 50 day moving average of $19.98 and a 200 day moving average of $17.22. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.84. Frontline plc has a 12 month low of $10.55 and a 12 month high of $22.95. The company has a market cap of $4.94 billion, a PE ratio of 5.98 and a beta of 0.28.
Frontline (NYSE:FRO – Get Free Report) last announced its quarterly earnings results on Wednesday, August 23rd. The shipping company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.84 by $0.10. The firm had revenue of $522.15 million during the quarter, compared to the consensus estimate of $353.46 million. Frontline had a net margin of 42.38% and a return on equity of 31.87%. During the same period last year, the firm earned $0.21 EPS. On average, sell-side analysts expect that Frontline plc will post 2.72 EPS for the current year.
Frontline Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 14.43%. The ex-dividend date of this dividend was Thursday, September 14th. This is a boost from Frontline’s previous quarterly dividend of $0.70. Frontline’s dividend payout ratio (DPR) is presently 86.25%.
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.
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