Frontline plc (NYSE:FRO) Stake Lifted by Nomura Holdings Inc.

Nomura Holdings Inc. raised its stake in Frontline plc (NYSE:FRO) by 163.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 52,722 shares of the shipping company’s stock after buying an additional 32,722 shares during the quarter. Nomura Holdings Inc.’s holdings in Frontline were worth $1,057,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. ICA Group Wealth Management LLC bought a new stake in Frontline in the 4th quarter valued at about $25,000. Naples Money Management LLC acquired a new stake in shares of Frontline in the fourth quarter valued at approximately $27,000. Russell Investments Group Ltd. raised its holdings in shares of Frontline by 169.2% during the fourth quarter. Russell Investments Group Ltd. now owns 3,928 shares of the shipping company’s stock valued at $79,000 after buying an additional 2,469 shares during the last quarter. Emfo LLC acquired a new position in shares of Frontline during the fourth quarter worth approximately $80,000. Finally, Tucker Asset Management LLC boosted its position in shares of Frontline by 477.3% during the third quarter. Tucker Asset Management LLC now owns 4,301 shares of the shipping company’s stock worth $81,000 after buying an additional 3,556 shares during the period. Institutional investors own 22.70% of the company’s stock.

Frontline Price Performance

Shares of NYSE:FRO opened at $25.34 on Friday. The stock has a market cap of $5.64 billion, a price-to-earnings ratio of 8.86 and a beta of 0.03. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.75 and a quick ratio of 1.75. Frontline plc has a 12 month low of $13.35 and a 12 month high of $29.39. The stock’s 50 day moving average price is $25.76 and its 200 day moving average price is $23.38.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Thursday, May 30th. The shipping company reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.24). The firm had revenue of $578.40 million during the quarter, compared to the consensus estimate of $380.73 million. Frontline had a return on equity of 23.14% and a net margin of 32.94%. The firm’s quarterly revenue was up 16.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.87 EPS. Equities research analysts anticipate that Frontline plc will post 3.43 earnings per share for the current fiscal year.

Frontline Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a $0.62 dividend. The ex-dividend date of this dividend is Friday, June 14th. This is a boost from Frontline’s previous quarterly dividend of $0.37. This represents a $2.48 annualized dividend and a yield of 9.79%. Frontline’s payout ratio is 86.71%.

Analyst Ratings Changes

FRO has been the topic of several recent analyst reports. JPMorgan Chase & Co. cut their target price on Frontline from $23.00 to $22.30 and set a “neutral” rating on the stock in a research note on Friday, March 1st. Jefferies Financial Group restated a “buy” rating and set a $30.00 price objective on shares of Frontline in a research note on Thursday, May 30th. Finally, StockNews.com downgraded shares of Frontline from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st.

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.