National Bank of Canada FI Cuts Stock Position in Frontline plc (NYSE:FRO)

National Bank of Canada FI reduced its position in shares of Frontline plc (NYSE:FRO) by 8.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 45,156 shares of the shipping company’s stock after selling 4,176 shares during the period. National Bank of Canada FI’s holdings in Frontline were worth $1,127,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in FRO. International Assets Investment Management LLC purchased a new position in shares of Frontline during the 4th quarter worth approximately $603,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Frontline during the first quarter worth $1,452,000. Forest Avenue Capital Management LP boosted its position in Frontline by 115.9% during the fourth quarter. Forest Avenue Capital Management LP now owns 1,057,691 shares of the shipping company’s stock worth $21,207,000 after purchasing an additional 567,900 shares in the last quarter. Rovida Advisors Inc. acquired a new stake in Frontline in the fourth quarter valued at $4,260,000. Finally, M&G Plc acquired a new position in Frontline during the first quarter worth about $25,074,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Stock Performance

NYSE:FRO opened at $22.82 on Friday. The firm’s fifty day simple moving average is $23.64 and its 200 day simple moving average is $24.43. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40. Frontline plc has a twelve month low of $15.94 and a twelve month high of $29.39. The firm has a market capitalization of $5.08 billion, a price-to-earnings ratio of 7.98 and a beta of 0.04.

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

Frontline Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 10.87%. The ex-dividend date is Friday, September 13th. Frontline’s payout ratio is currently 86.71%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on FRO shares. Jefferies Financial Group reissued a “buy” rating and issued a $30.00 target price on shares of Frontline in a research note on Friday, August 30th. Evercore ISI lowered 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. Finally, StockNews.com raised shares of Frontline to a “sell” rating in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $27.58.

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.