Swiss National Bank Has $6.46 Million Position in Frontline plc (NYSE:FRO)

Swiss National Bank cut its holdings in Frontline plc (NYSE:FRO) by 0.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 284,767 shares of the shipping company’s stock after selling 2,018 shares during the quarter. Swiss National Bank’s holdings in Frontline were worth $6,461,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Private Advisor Group LLC increased its position in Frontline by 4.8% in the 3rd quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company’s stock valued at $243,000 after acquiring an additional 490 shares in the last quarter. Summit Securities Group LLC increased 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 purchasing an additional 600 shares in the last quarter. Cozad Asset Management Inc. raised its position in Frontline by 6.4% in the 2nd quarter. Cozad Asset Management Inc. now owns 12,976 shares of the shipping company’s stock worth $334,000 after purchasing an additional 785 shares during the last quarter. TD Asset Management Inc lifted its holdings in Frontline by 9.7% during the 2nd quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company’s stock worth $258,000 after buying an additional 871 shares in the last quarter. Finally, Godsey & Gibb Inc. bought a new position in Frontline in the 3rd quarter valued at $25,000. 22.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Frontline Stock Down 5.1 %

NYSE:FRO opened at $18.07 on Wednesday. Frontline plc has a 1 year low of $18.02 and a 1 year high of $29.39. The stock has a 50-day moving average price of $21.41 and a two-hundred day moving average price of $23.68. The stock has a market cap of $4.02 billion, a price-to-earnings ratio of 6.79 and a beta of 0.06. 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 (NYSE:FRO) last issued its quarterly earnings data 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 business had revenue of $409.72 million during the quarter, compared to analyst estimates of $383.88 million. Frontline had a net margin of 29.42% and a return on equity of 19.73%. During the same quarter in the prior year, the firm posted $0.94 earnings per share. As a group, equities analysts expect that Frontline plc will post 1.88 earnings per share for the current year.

Frontline Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a dividend of $0.62 per share. The ex-dividend date was Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 13.73%. Frontline’s payout ratio is 93.23%.

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.