Frontline plc (NYSE:FRO) Shares Acquired by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. boosted its stake in Frontline plc (NYSE:FRO) by 65.5% during the 4th quarter, HoldingsChannel.com reports. The fund owned 71,972 shares of the shipping company’s stock after purchasing an additional 28,478 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Frontline were worth $1,021,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp purchased a new position in shares of Frontline in the 4th quarter valued at approximately $31,000. Golden State Wealth Management LLC purchased a new stake in shares of Frontline during the fourth quarter worth approximately $84,000. Blue Trust Inc. lifted its holdings in shares of Frontline by 84.4% during the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock worth $127,000 after purchasing an additional 4,084 shares during the period. Clear Harbor Asset Management LLC purchased a new position in Frontline in the 4th quarter valued at $214,000. Finally, Vestcor Inc acquired a new position in Frontline in the 3rd quarter valued at $255,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Jefferies Financial Group reduced their target price on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. Kepler Capital Markets downgraded shares of Frontline from a “hold” rating to a “strong sell” rating in a research report on Thursday. Two research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $24.46.

Frontline Price Performance

Shares of NYSE FRO opened at $14.95 on Monday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. Frontline plc has a one year low of $13.17 and a one year high of $29.39. The firm has a market capitalization of $3.33 billion, a P/E ratio of 6.10 and a beta of -0.04. The company’s fifty day moving average is $16.59 and its two-hundred day moving average is $18.09.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, meeting the consensus estimate of $0.20. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The firm had revenue of $425.60 million during the quarter, compared to analysts’ expectations of $273.16 million. During the same quarter last year, the business earned $0.46 earnings per share. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. Analysts forecast that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 5.35%. The ex-dividend date of this dividend is Friday, March 14th. Frontline’s dividend payout ratio (DPR) is 36.04%.

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.