Hsbc Holdings PLC Has $50.68 Million Position in Frontline plc (NYSE:FRO)

Hsbc Holdings PLC grew its holdings in Frontline plc (NYSE:FRO) by 7.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,932,842 shares of the shipping company’s stock after purchasing an additional 138,011 shares during the quarter. Hsbc Holdings PLC owned about 0.87% of Frontline worth $50,683,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. ICA Group Wealth Management LLC bought a new stake in Frontline in the fourth quarter worth approximately $25,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Frontline during the 2nd quarter valued at $31,000. Summit Securities Group LLC boosted its stake in Frontline by 75.0% during the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after acquiring an additional 600 shares in the last quarter. Blue Trust Inc. grew its holdings in Frontline by 17,866.7% in the second quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock worth $56,000 after purchasing an additional 2,144 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in Frontline by 169.2% in the fourth quarter. Russell Investments Group Ltd. now owns 3,928 shares of the shipping company’s stock valued at $79,000 after purchasing an additional 2,469 shares in the last quarter. 22.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Evercore ISI cut their price objective on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Jefferies Financial Group reissued a “buy” rating and issued a $30.00 price objective on shares of Frontline in a research note on Friday, August 30th. Finally, StockNews.com raised Frontline to a “sell” rating in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $27.58.

Frontline Price Performance

FRO stock opened at $22.25 on Friday. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 1.38. The business has a 50-day simple moving average of $23.59 and a two-hundred day simple moving average of $24.45. The company has a market capitalization of $4.95 billion, a P/E ratio of 7.78 and a beta of 0.04. Frontline plc has a 52-week low of $17.02 and a 52-week high of $29.39.

Frontline (NYSE:FRO) last announced its 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 company had revenue of $409.72 million for the quarter, compared to analysts’ expectations 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. Research analysts expect that Frontline plc will post 2.62 EPS for the current fiscal year.

Frontline Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.48 annualized dividend and a dividend yield of 11.15%. Frontline’s dividend payout ratio is currently 86.71%.

Frontline 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.