Frontline plc (NYSE:FRO) Holdings Decreased by Amundi

Amundi trimmed its position in Frontline plc (NYSE:FRO) by 13.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 161,545 shares of the shipping company’s stock after selling 25,060 shares during the quarter. Amundi’s holdings in Frontline were worth $2,292,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. IHT Wealth Management LLC grew its stake 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 buying an additional 535 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in Frontline during the 4th quarter worth $31,000. Blue Trust Inc. boosted its position in Frontline by 84.4% during the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock worth $127,000 after acquiring an additional 4,084 shares during the period. Teachers Retirement System of The State of Kentucky boosted its position in Frontline by 3.8% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 143,510 shares of the shipping company’s stock worth $3,279,000 after acquiring an additional 5,200 shares during the period. Finally, Golden State Wealth Management LLC acquired a new position in Frontline during the 4th quarter worth $84,000. 22.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FRO has been the subject of several research reports. Kepler Capital Markets cut Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price for the company. in a research note on Thursday, December 12th. Jefferies Financial Group decreased their target price on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. One analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $24.46.

Frontline Trading Up 3.1 %

NYSE:FRO opened at $15.90 on Tuesday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. 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 $3.54 billion, a price-to-earnings ratio of 6.49 and a beta of -0.04. The stock has a fifty day simple moving average of $16.83 and a 200 day simple moving average of $18.52.

Frontline (NYSE:FRO) last released its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The business had revenue of $425.60 million during the quarter, compared to analyst estimates of $273.16 million. During the same quarter last year, the company posted $0.46 EPS. Frontline’s revenue for the quarter was up 2.6% on a year-over-year basis. Sell-side analysts forecast that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.20 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.03%. Frontline’s dividend payout ratio (DPR) is 36.04%.

About Frontline

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.