Clear Harbor Asset Management LLC Acquires New Stake in Frontline plc (NYSE:FRO)

Clear Harbor Asset Management LLC acquired a new position in shares of Frontline plc (NYSE:FRO) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 15,100 shares of the shipping company’s stock, valued at approximately $214,000.

Several other institutional investors have also recently added to or reduced their stakes in FRO. M&G PLC boosted its stake in shares of Frontline by 27.2% during the 3rd quarter. M&G PLC now owns 1,110,763 shares of the shipping company’s stock worth $25,164,000 after purchasing an additional 237,446 shares during the last quarter. Smead Capital Management Inc. boosted its position in Frontline by 5.1% during the third quarter. Smead Capital Management Inc. now owns 670,581 shares of the shipping company’s stock worth $15,188,000 after acquiring an additional 32,531 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Frontline by 1,326.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 527,470 shares of the shipping company’s stock worth $12,053,000 after acquiring an additional 490,486 shares during the period. Teachers Retirement System of The State of Kentucky raised its holdings in Frontline by 3.8% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 143,510 shares of the shipping company’s stock valued at $3,279,000 after acquiring an additional 5,200 shares during the last quarter. Finally, Point72 Europe London LLP purchased a new position in shares of Frontline during the 3rd quarter worth $3,219,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Stock Performance

NYSE FRO opened at $16.65 on Thursday. The business’s 50-day simple moving average is $16.17 and its 200-day simple moving average is $20.45. The firm has a market capitalization of $3.71 billion, a P/E ratio of 6.80 and a beta of 0.01. Frontline plc has a 1-year low of $13.17 and a 1-year high of $29.39. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43.

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

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were given a dividend of $0.34 per share. The ex-dividend date was Wednesday, December 11th. This represents a $1.36 dividend on an annualized basis and a yield of 8.17%. Frontline’s dividend payout ratio (DPR) is 55.51%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Fearnley Fonds raised Frontline to a “strong-buy” rating in a research report on Friday, September 27th. 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 research note on Tuesday, December 17th. Kepler Capital Markets cut shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price on the stock. in a research report on Thursday, December 12th. Finally, BTIG Research raised shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a research report on Monday, October 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $24.03.

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.