Rossby Financial LCC Acquires Shares of 35,645 Frontline plc (NYSE:FRO)

Rossby Financial LCC bought a new position in shares of Frontline plc (NYSE:FRO) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 35,645 shares of the shipping company’s stock, valued at approximately $506,000.

Several other institutional investors and hedge funds have also recently modified their holdings of FRO. Jones Financial Companies Lllp purchased a new stake in shares of Frontline in the 4th quarter worth $31,000. Golden State Wealth Management LLC bought a new position in Frontline during the 4th quarter worth about $84,000. National Bank of Canada FI raised its holdings in shares of Frontline by 331.8% in the 4th quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company’s stock valued at $87,000 after purchasing an additional 4,738 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Frontline by 84.4% in the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock valued at $127,000 after purchasing an additional 4,084 shares in the last quarter. Finally, Clear Harbor Asset Management LLC purchased a new stake in shares of Frontline in the 4th quarter worth approximately $214,000. Institutional investors own 22.70% of the company’s stock.

Frontline Price Performance

Shares of FRO opened at $15.51 on Monday. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. The company’s fifty day moving average price is $15.93 and its 200-day moving average price is $17.40. Frontline plc has a 1-year low of $12.40 and a 1-year high of $29.39. The firm has a market capitalization of $3.45 billion, a PE ratio of 6.33 and a beta of 0.20.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, meeting the consensus estimate 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 for the quarter, compared to the consensus estimate of $273.16 million. During the same quarter in the previous year, the business earned $0.46 EPS. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, equities research analysts predict that Frontline plc will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.20 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.80 annualized dividend and a yield of 5.16%. Frontline’s dividend payout ratio (DPR) is presently 36.04%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FRO. Jefferies Financial Group reduced 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 set a $12.49 price objective on shares of Frontline in a research report on Thursday, March 27th. Two investment analysts have rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.62.

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.