Barclays PLC Trims Stock Position in Frontline plc (NYSE:FRO)

Barclays PLC cut its holdings in Frontline plc (NYSE:FRO) by 55.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 207,009 shares of the shipping company’s stock after selling 259,421 shares during the quarter. Barclays PLC’s holdings in Frontline were worth $4,730,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Private Advisor Group LLC grew its holdings in Frontline by 4.8% during the 3rd quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company’s stock valued at $243,000 after buying an additional 490 shares during the last quarter. IHT Wealth Management LLC increased its position in Frontline by 3.5% during the 3rd quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock worth $359,000 after purchasing an additional 535 shares in the last quarter. Summit Securities Group LLC increased its position in Frontline by 75.0% during the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after purchasing an additional 600 shares in the last quarter. Cozad Asset Management Inc. raised its stake in Frontline by 6.4% in the 2nd quarter. Cozad Asset Management Inc. now owns 12,976 shares of the shipping company’s stock valued at $334,000 after purchasing an additional 785 shares during the last quarter. Finally, TD Asset Management Inc lifted its holdings in Frontline by 9.7% in the 2nd quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company’s stock valued at $258,000 after purchasing an additional 871 shares in the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FRO. Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a research report on Friday, September 27th. StockNews.com raised Frontline to a “sell” rating in a research note on Thursday, September 5th. Jefferies Financial Group lowered their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a research report on Monday, October 7th. Finally, Kepler Capital Markets lowered Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target on the stock. in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Frontline currently has an average rating of “Moderate Buy” and a consensus price target of $24.36.

Frontline Stock Performance

NYSE FRO opened at $13.38 on Friday. 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 1-year low of $13.17 and a 1-year high of $29.39. The firm has a market capitalization of $2.98 billion and a P/E ratio of 5.46. The business’s 50-day simple moving average is $18.22 and its 200-day simple moving average is $22.07.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.05). Frontline had a net margin of 25.64% and a return on equity of 19.25%. During the same quarter last year, the firm earned $0.36 EPS. Equities analysts predict that Frontline plc will post 1.83 EPS for the current year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.36 dividend on an annualized basis and a yield of 10.16%. Frontline’s dividend payout ratio (DPR) is 55.51%.

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.