Frontline plc (NYSE:FRO) Stock Position Decreased by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its stake in shares of Frontline plc (NYSE:FRO) by 13.6% during the third quarter, Holdings Channel reports. The firm owned 97,411 shares of the shipping company’s stock after selling 15,298 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Frontline were worth $2,226,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Godsey & Gibb Inc. acquired a new stake in Frontline during the 3rd quarter worth about $25,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Frontline during the second quarter valued at approximately $31,000. Summit Securities Group LLC lifted its position in shares of Frontline by 75.0% in the 2nd 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. lifted its position in shares of Frontline by 17,866.7% in the 2nd 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 stake in Frontline by 4,965.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock worth $116,000 after purchasing an additional 4,618 shares during the period. 22.70% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on FRO. Kepler Capital Markets downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price on the stock. in a research note on Thursday. StockNews.com raised Frontline to a “sell” rating in a research report on Thursday, September 5th. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research report on Monday, October 7th. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a report on Friday, September 27th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $26.00 price target on shares of Frontline in a research report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $25.36.

Frontline Price Performance

FRO opened at $14.21 on Monday. The business has a 50-day moving average of $19.32 and a 200-day moving average of $22.49. Frontline plc has a fifty-two week low of $13.71 and a fifty-two week high of $29.39. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Wednesday, November 27th. The shipping company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a net margin of 25.64% and a return on equity of 19.25%. During the same quarter in the prior year, the business posted $0.36 EPS. Equities research analysts anticipate that Frontline plc will post 1.83 EPS for the current year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 9.57%. Frontline’s dividend payout ratio is currently 55.51%.

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.