SBI Securities Co. Ltd. Makes New $341,000 Investment in Frontline plc (NYSE:FRO)

SBI Securities Co. Ltd. purchased a new position in shares of Frontline plc (NYSE:FRO) in the fourth quarter, HoldingsChannel reports. The fund purchased 24,012 shares of the shipping company’s stock, valued at approximately $341,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new stake in Frontline during the 3rd quarter worth about $783,000. Range Financial Group LLC acquired a new stake in Frontline during the 4th quarter worth about $579,000. Charles Schwab Investment Management Inc. lifted its position in Frontline by 102.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 43,494 shares of the shipping company’s stock worth $994,000 after acquiring an additional 22,022 shares during the period. Clear Harbor Asset Management LLC acquired a new stake in Frontline during the 4th quarter worth about $214,000. Finally, Harbour Capital Advisors LLC acquired a new stake in Frontline during the 4th quarter worth about $439,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Stock Performance

Shares of FRO stock opened at $15.82 on Thursday. The stock has a market cap of $3.52 billion and a PE ratio of 6.46. The business has a 50-day simple moving average of $16.55 and a 200-day simple moving average of $19.04. 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 plc has a 52-week low of $13.17 and a 52-week high of $29.39.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The business had revenue of $425.60 million during the quarter, compared to analysts’ expectations of $273.16 million. During the same quarter in the previous year, the firm posted $0.46 EPS. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, equities analysts expect that Frontline plc will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.20 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 5.06%. Frontline’s dividend payout ratio is presently 36.04%.

Wall Street Analyst Weigh In

A number of analysts have commented on FRO shares. Jefferies Financial Group lowered their price target on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. Kepler Capital Markets cut Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective for the company. in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.46.

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.