Frontline plc (NYSE:FRO) Shares Sold by Marathon Capital Management

Marathon Capital Management lowered its stake in Frontline plc (NYSE:FRO) by 33.3% during the second quarter, HoldingsChannel reports. The firm owned 10,000 shares of the shipping company’s stock after selling 5,000 shares during the quarter. Marathon Capital Management’s holdings in Frontline were worth $258,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. Ashton Thomas Private Wealth LLC purchased a new position in Frontline in the 2nd quarter valued at $31,000. ICA Group Wealth Management LLC purchased a new stake in shares of Frontline in the fourth quarter valued at about $25,000. Summit Securities Group LLC boosted its holdings in shares of Frontline by 75.0% in the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after acquiring an additional 600 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Frontline by 17,866.7% in the second quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock valued at $56,000 after acquiring an additional 2,144 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Frontline by 4,965.6% in the second quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock valued at $116,000 after acquiring an additional 4,618 shares in the last quarter. Institutional investors and hedge funds own 22.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on FRO shares. Evercore ISI lowered their target price on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Jefferies Financial Group reaffirmed a “buy” rating and issued a $30.00 target price on shares of Frontline in a report on Friday, August 30th. Finally, StockNews.com raised shares of Frontline to a “sell” rating in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $27.58.

Frontline Stock Up 6.6 %

Shares of NYSE FRO opened at $22.86 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.40. Frontline plc has a 52 week low of $17.02 and a 52 week high of $29.39. The firm has a 50-day moving average price of $23.47 and a 200 day moving average price of $24.42. The stock has a market capitalization of $5.09 billion, a price-to-earnings ratio of 7.99 and a beta of 0.04.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Friday, August 30th. The shipping company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.03). Frontline had a net margin of 29.42% and a return on equity of 19.73%. The company had revenue of $409.72 million during the quarter, compared to analyst estimates of $383.88 million. During the same quarter last year, the business earned $0.94 EPS. Equities research analysts anticipate that Frontline plc will post 2.62 EPS for the current fiscal year.

Frontline Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.62 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a yield of 10.85%. Frontline’s payout ratio is 86.71%.

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.