Frontline plc (NYSE:FRO) Shares Sold by Banque Cantonale Vaudoise

Banque Cantonale Vaudoise cut its stake in Frontline plc (NYSE:FRO) by 43.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,117 shares of the shipping company’s stock after selling 2,377 shares during the quarter. Banque Cantonale Vaudoise’s holdings in Frontline were worth $71,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of FRO. Smead Capital Management Inc. raised its holdings in shares of Frontline by 5.1% during the 3rd quarter. Smead Capital Management Inc. now owns 670,581 shares of the shipping company’s stock valued at $15,188,000 after buying an additional 32,531 shares during the period. GSA Capital Partners LLP acquired a new stake in Frontline in the third quarter valued at approximately $1,077,000. Summit Global Investments raised its stake in shares of Frontline by 9.9% during the third quarter. Summit Global Investments now owns 85,135 shares of the shipping company’s stock valued at $1,945,000 after purchasing an additional 7,671 shares during the period. Olympiad Research LP lifted its position in shares of Frontline by 117.2% during the third quarter. Olympiad Research LP now owns 18,436 shares of the shipping company’s stock worth $421,000 after purchasing an additional 9,949 shares in the last quarter. Finally, M&G PLC boosted its stake in shares of Frontline by 27.2% in the third quarter. M&G PLC now owns 1,110,763 shares of the shipping company’s stock valued at $25,164,000 after purchasing an additional 237,446 shares during the period. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Price Performance

NYSE:FRO opened at $19.55 on Friday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40. Frontline plc has a one year low of $18.26 and a one year high of $29.39. The stock has a 50-day simple moving average of $21.49 and a 200 day simple moving average of $23.74.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). The firm had revenue of $409.72 million during the quarter, compared to the consensus estimate of $383.88 million. Frontline had a net margin of 29.42% and a return on equity of 19.73%. During the same quarter last year, the firm posted $0.94 earnings per share. Sell-side analysts forecast that Frontline plc will post 1.88 EPS for the current year.

Frontline Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $0.62 per share. The ex-dividend date was Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 12.69%. Frontline’s dividend payout ratio (DPR) is 93.23%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on FRO shares. Jefferies Financial Group dropped their price target on shares of Frontline from $30.00 to $26.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. StockNews.com raised Frontline to a “sell” rating in a research report on Thursday, September 5th. BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a report on Monday, October 7th. Finally, Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Frontline currently has an average rating of “Moderate Buy” and an average target price of $27.26.

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.