Public Employees Retirement System of Ohio Takes Position in Frontline plc (NYSE:FRO)

Public Employees Retirement System of Ohio bought a new position in shares of Frontline plc (NYSE:FRO) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 43,990 shares of the shipping company’s stock, valued at approximately $998,000.

A number of other institutional investors have also recently added to or reduced their stakes in FRO. The Manufacturers Life Insurance Company raised its position in shares of Frontline by 1,326.2% during the third quarter. The Manufacturers Life Insurance Company now owns 527,470 shares of the shipping company’s stock worth $12,053,000 after acquiring an additional 490,486 shares during the last quarter. M&G PLC lifted its position in shares of Frontline by 27.2% in the 3rd quarter. M&G PLC now owns 1,110,763 shares of the shipping company’s stock worth $25,164,000 after purchasing an additional 237,446 shares during the period. Forest Avenue Capital Management LP boosted its stake in shares of Frontline by 12.7% in the 2nd quarter. Forest Avenue Capital Management LP now owns 1,429,909 shares of the shipping company’s stock valued at $36,834,000 after purchasing an additional 161,518 shares during the last quarter. Point72 Europe London LLP acquired a new stake in shares of Frontline during the third quarter worth $3,219,000. Finally, Hsbc Holdings PLC raised its stake in Frontline by 7.7% during the second quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company’s stock worth $50,683,000 after buying an additional 138,011 shares during the last quarter. 22.70% of the stock is owned by institutional investors.

Frontline Stock Performance

Shares of FRO stock opened at $13.34 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The firm has a fifty day simple moving average of $18.43 and a two-hundred day simple moving average of $22.17. Frontline plc has a 12 month low of $13.33 and a 12 month high of $29.39. The firm has a market capitalization of $2.97 billion and a PE ratio of 5.44.

Frontline (NYSE:FRO) last released its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 period last year, the company posted $0.36 EPS. Analysts forecast that Frontline plc will post 1.83 EPS for the current fiscal year.

Frontline Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 10.19%. The ex-dividend date is Wednesday, December 11th. Frontline’s dividend payout ratio (DPR) is presently 55.51%.

Wall Street Analyst Weigh In

A number of analysts have commented on FRO shares. BTIG Research raised shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a research report on Monday, October 7th. StockNews.com upgraded Frontline to a “sell” rating in a report on Thursday, September 5th. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a report on Friday, September 27th. Kepler Capital Markets lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective for the company. in a research note on Thursday, December 12th. Finally, Jefferies Financial Group cut their target price on shares of Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Frontline presently has an average rating of “Moderate Buy” and a consensus price target of $24.36.

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.