Smead Capital Management Inc. Has $15.19 Million Stock Position in Frontline plc (NYSE:FRO)

Smead Capital Management Inc. boosted its holdings in Frontline plc (NYSE:FRO) by 5.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 670,581 shares of the shipping company’s stock after buying an additional 32,531 shares during the quarter. Frontline makes up 0.2% of Smead Capital Management Inc.’s holdings, making the stock its 27th biggest holding. Smead Capital Management Inc.’s holdings in Frontline were worth $15,188,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FRO. GSA Capital Partners LLP bought a new position in shares of Frontline in the third quarter worth about $1,077,000. Summit Global Investments increased its position in Frontline by 9.9% during the 3rd quarter. Summit Global Investments now owns 85,135 shares of the shipping company’s stock worth $1,945,000 after purchasing an additional 7,671 shares in the last quarter. Olympiad Research LP increased its position in Frontline by 117.2% during the 3rd quarter. Olympiad Research LP now owns 18,436 shares of the shipping company’s stock worth $421,000 after purchasing an additional 9,949 shares in the last quarter. M&G PLC lifted its stake in Frontline by 27.2% in the 3rd quarter. M&G PLC now owns 1,110,763 shares of the shipping company’s stock valued at $25,164,000 after purchasing an additional 237,446 shares during the last quarter. Finally, FCG Investment Co acquired a new stake in Frontline in the third quarter valued at approximately $823,000. Institutional investors own 22.70% of the company’s stock.

Frontline Stock Up 5.0 %

Shares of NYSE:FRO opened at $20.19 on Tuesday. Frontline plc has a fifty-two week low of $18.26 and a fifty-two week high of $29.39. The company’s 50-day moving average is $21.68 and its 200 day moving average is $23.87. 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 (NYSE:FRO) last issued its earnings results 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). The business had revenue of $409.72 million for the quarter, compared to the consensus estimate of $383.88 million. Frontline had a net margin of 29.42% and a return on equity of 19.73%. During the same period in the previous year, the firm earned $0.94 EPS. Equities analysts forecast that Frontline plc will post 1.88 EPS for the current fiscal year.

Frontline Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders 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 12.29%. The ex-dividend date of this dividend was Friday, September 13th. Frontline’s payout ratio is currently 93.23%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. StockNews.com upgraded Frontline to a “sell” rating in a research note on Thursday, September 5th. Fearnley Fonds raised Frontline to a “strong-buy” rating in a research note on Friday, September 27th. Jefferies Financial Group reduced their price target on Frontline from $30.00 to $26.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Evercore ISI dropped their price objective 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. Finally, BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a research report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $27.26.

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.