Charles Schwab Investment Management Inc. Increases Holdings in Frontline plc (NYSE:FRO)

Charles Schwab Investment Management Inc. increased its holdings in shares of Frontline plc (NYSE:FRO) by 102.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,494 shares of the shipping company’s stock after purchasing an additional 22,022 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Frontline were worth $994,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Godsey & Gibb Inc. bought a new position in Frontline in the 3rd quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Frontline during the second quarter worth $31,000. Summit Securities Group LLC boosted its position in shares of Frontline by 75.0% during the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after acquiring an additional 600 shares during the last quarter. Blue Trust Inc. grew its stake in Frontline by 17,866.7% during the second quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock valued at $56,000 after acquiring an additional 2,144 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in Frontline by 4,965.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock valued at $116,000 after acquiring an additional 4,618 shares during the last quarter. Institutional investors own 22.70% of the company’s stock.

Analyst Ratings Changes

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

Frontline Trading Up 0.1 %

FRO opened at $13.82 on Wednesday. Frontline plc has a 12 month low of $13.41 and a 12 month high of $29.39. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The stock has a 50-day moving average of $18.86 and a 200 day moving average of $22.29. The firm has a market cap of $3.08 billion and a P/E ratio of 5.64.

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

Frontline Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 9.84%. The ex-dividend date of this dividend is Wednesday, December 11th. Frontline’s dividend payout ratio (DPR) is 55.51%.

Frontline 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.