Larson Financial Group LLC Sells 4,006 Shares of Frontline plc (NYSE:FRO)

Larson Financial Group LLC cut its holdings in Frontline plc (NYSE:FRO) by 22.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,501 shares of the shipping company’s stock after selling 4,006 shares during the period. Larson Financial Group LLC’s holdings in Frontline were worth $271,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. National Bank of Canada FI boosted its holdings in Frontline by 672.8% during the third quarter. National Bank of Canada FI now owns 3,864 shares of the shipping company’s stock valued at $69,000 after acquiring an additional 3,364 shares during the period. CWM LLC raised its position in shares of Frontline by 4,098.4% during the third quarter. CWM LLC now owns 5,122 shares of the shipping company’s stock valued at $96,000 after buying an additional 5,000 shares during the last quarter. AE Wealth Management LLC raised its position in shares of Frontline by 18.0% during the third quarter. AE Wealth Management LLC now owns 42,808 shares of the shipping company’s stock valued at $804,000 after buying an additional 6,531 shares during the last quarter. Global Retirement Partners LLC acquired a new position in shares of Frontline during the third quarter valued at about $200,000. Finally, Counterpoint Mutual Funds LLC acquired a new position in shares of Frontline during the third quarter valued at about $88,000. 22.70% of the stock is currently owned by institutional investors.

Frontline Price Performance

Shares of FRO stock opened at $23.42 on Wednesday. The firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of 7.94 and a beta of 0.06. The company has a quick ratio of 1.79, a current ratio of 1.78 and a debt-to-equity ratio of 1.40. Frontline plc has a 12-month low of $13.35 and a 12-month high of $25.14. The firm has a fifty day moving average of $23.37 and a 200-day moving average of $22.01.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Thursday, February 29th. The shipping company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.05). Frontline had a return on equity of 26.00% and a net margin of 35.95%. The business had revenue of $415.00 million for the quarter, compared to analyst estimates of $280.36 million. During the same quarter in the prior year, the company earned $0.97 earnings per share. The company’s quarterly revenue was down 21.7% on a year-over-year basis. On average, equities research analysts forecast that Frontline plc will post 3.12 earnings per share for the current year.

Frontline Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Friday, March 15th were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 6.32%. This is an increase from Frontline’s previous quarterly dividend of $0.30. The ex-dividend date was Thursday, March 14th. Frontline’s dividend payout ratio is currently 50.17%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on FRO shares. JPMorgan Chase & Co. dropped their price target on shares of Frontline from $23.00 to $22.30 and set a “neutral” rating for the company in a research report on Friday, March 1st. Deutsche Bank Aktiengesellschaft raised shares of Frontline from a “hold” rating to a “buy” rating and raised their price objective for the stock from $17.00 to $26.00 in a report on Tuesday, January 9th. Finally, Jefferies Financial Group raised shares of Frontline from a “hold” rating to a “buy” rating and increased their price target for the company from $22.00 to $30.00 in a research note on Thursday, March 21st.

Frontline Company 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.