FCG Investment Co Buys Shares of 36,017 Frontline plc (NYSE:FRO)

FCG Investment Co bought a new stake in shares of Frontline plc (NYSE:FRO) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 36,017 shares of the shipping company’s stock, valued at approximately $823,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Godsey & Gibb Inc. bought a new position in shares of Frontline in the 3rd quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Frontline in the 2nd quarter worth approximately $31,000. Summit Securities Group LLC lifted its stake in shares of Frontline by 75.0% in 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 during the period. Blue Trust Inc. lifted its stake in shares of Frontline by 17,866.7% in the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock worth $56,000 after purchasing an additional 2,144 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Frontline by 4,965.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock worth $116,000 after purchasing an additional 4,618 shares during the period. Institutional investors own 22.70% of the company’s stock.

Frontline Trading Down 3.7 %

Shares of FRO opened at $19.48 on Monday. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.38 and a quick ratio of 1.38. Frontline plc has a 1 year low of $18.34 and a 1 year high of $29.39. The company has a 50 day simple moving average of $23.04 and a two-hundred day simple moving average of $24.36. The firm has a market cap of $4.34 billion, a P/E ratio of 7.07 and a beta of 0.04.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). Frontline had a net margin of 29.42% and a return on equity of 19.73%. The company had revenue of $409.72 million for the quarter, compared to analysts’ expectations of $383.88 million. During the same period last year, the business earned $0.94 earnings per share. On average, equities analysts expect that Frontline plc will post 2.62 earnings per share for the current fiscal year.

Frontline Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 12.73%. The ex-dividend date of this dividend was Friday, September 13th. Frontline’s dividend payout ratio (DPR) is presently 86.71%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FRO. Jefferies Financial Group reiterated a “buy” rating and issued a $30.00 price objective on shares of Frontline in a research note on Friday, August 30th. Evercore ISI reduced their target price on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a report on Friday, September 27th. BTIG Research raised shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a report on Monday, October 7th. Finally, StockNews.com raised shares of Frontline to a “sell” rating in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $28.06.

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.