GSA Capital Partners LLP Purchases New Shares in Frontline plc (NYSE:FRO)

GSA Capital Partners LLP purchased a new stake in Frontline plc (NYSE:FRO) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 47,139 shares of the shipping company’s stock, valued at approximately $1,077,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Private Advisor Group LLC lifted its position in Frontline by 4.8% during the third quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company’s stock worth $243,000 after purchasing an additional 490 shares during the period. Summit Securities Group LLC lifted its position in Frontline by 75.0% during the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after purchasing an additional 600 shares during the period. Cozad Asset Management Inc. lifted its position in Frontline by 6.4% during the second 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 period. TD Asset Management Inc lifted its position in Frontline by 9.7% during the second quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company’s stock worth $258,000 after purchasing an additional 871 shares during the period. Finally, Godsey & Gibb Inc. bought a new stake in Frontline during the third quarter worth about $25,000. Institutional investors own 22.70% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on FRO shares. Evercore ISI cut their price objective on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Jefferies Financial Group dropped their target price on shares of Frontline from $30.00 to $26.00 and set a “buy” rating for the company in a report on Thursday. StockNews.com raised shares of Frontline to a “sell” rating in a report on Thursday, September 5th. Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a report on Friday, September 27th. Finally, BTIG Research raised shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $27.26.

Frontline Trading Down 2.8 %

Shares of NYSE FRO opened at $19.23 on Friday. The company has a 50 day simple moving average of $21.72 and a 200 day simple moving average of $23.89. Frontline plc has a 1 year low of $18.26 and a 1 year high of $29.39. 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 released its earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). The firm had revenue of $409.72 million for 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 period in the prior year, the company posted $0.94 EPS. Equities research analysts anticipate that Frontline plc will post 2.38 EPS for the current fiscal year.

Frontline Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 12.90%. The ex-dividend date was Friday, September 13th. Frontline’s dividend payout ratio is presently 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.