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

Banque Cantonale Vaudoise lowered its stake in shares of Frontline plc (NYSE:FRO) by 43.3% in the third quarter, HoldingsChannel reports. 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Frontline by 5,319.5% during the 1st quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company’s stock valued at $123,750,000 after purchasing an additional 5,195,312 shares during the period. M&G PLC increased 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. Forest Avenue Capital Management LP raised its holdings in shares of Frontline by 12.7% during the second quarter. Forest Avenue Capital Management LP now owns 1,429,909 shares of the shipping company’s stock valued at $36,834,000 after buying an additional 161,518 shares during the last quarter. Hsbc Holdings PLC boosted its position in shares of Frontline by 7.7% during the second quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company’s stock worth $50,683,000 after buying an additional 138,011 shares during the period. Finally, Edge Capital Group LLC grew its holdings in Frontline by 31.8% in the 2nd quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company’s stock worth $10,641,000 after buying an additional 99,765 shares in the last quarter. 22.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on FRO shares. StockNews.com raised Frontline to a “sell” rating in a research note on Thursday, September 5th. BTIG Research raised shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Monday, October 7th. Fearnley Fonds upgraded shares of Frontline to a “strong-buy” rating in a research report on Friday, September 27th. Finally, 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 report on Thursday, November 14th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued 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 a consensus price target of $27.26.

Frontline Price Performance

NYSE:FRO opened at $19.55 on Friday. Frontline plc has a 52-week low of $18.26 and a 52-week high of $29.39. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.40. The business’s 50-day moving average price is $21.49 and its 200 day moving average price is $23.74.

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

Frontline Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 12.69%. The ex-dividend date was Friday, September 13th. Frontline’s dividend payout ratio is presently 93.23%.

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.