Frontline plc (NYSE:FRO) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Frontline plc (NYSE:FRO) by 21.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 33,000 shares of the shipping company’s stock after purchasing an additional 5,741 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Frontline were worth $662,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of FRO. Hexagon Capital Partners LLC boosted its stake in Frontline by 27.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,882 shares of the shipping company’s stock valued at $54,000 after buying an additional 628 shares in the last quarter. RMR Wealth Builders boosted its stake in Frontline by 4.7% during the third quarter. RMR Wealth Builders now owns 14,960 shares of the shipping company’s stock valued at $281,000 after buying an additional 677 shares in the last quarter. SeaCrest Wealth Management LLC boosted its stake in Frontline by 2.4% during the fourth quarter. SeaCrest Wealth Management LLC now owns 51,585 shares of the shipping company’s stock valued at $1,147,000 after buying an additional 1,200 shares in the last quarter. Global Retirement Partners LLC boosted its stake in Frontline by 10.6% during the fourth quarter. Global Retirement Partners LLC now owns 12,773 shares of the shipping company’s stock valued at $284,000 after buying an additional 1,225 shares in the last quarter. Finally, Cozad Asset Management Inc. boosted its position in shares of Frontline by 20.7% in the 3rd quarter. Cozad Asset Management Inc. now owns 12,910 shares of the shipping company’s stock valued at $242,000 after purchasing an additional 2,210 shares during the period. 22.70% of the stock is owned by institutional investors and hedge funds.

Frontline Trading Down 0.9 %

Shares of NYSE FRO opened at $23.49 on Wednesday. Frontline plc has a one year low of $13.35 and a one year high of $25.14. The firm has a market capitalization of $5.23 billion, a PE ratio of 7.96 and a beta of 0.06. The company has a current ratio of 1.78, a quick ratio of 1.79 and a debt-to-equity ratio of 1.40. The business has a 50-day moving average price of $23.34 and a two-hundred day moving average price of $22.11.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Thursday, February 29th. The shipping company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.05). Frontline had a return on equity of 26.00% and a net margin of 35.95%. The business had revenue of $415.00 million for the quarter, compared to analyst estimates of $280.36 million. During the same quarter in the previous year, the business posted $0.97 earnings per share. The company’s revenue was down 21.7% compared to the same quarter last year. As a group, analysts predict that Frontline plc will post 3.09 earnings per share for the current fiscal year.

Frontline Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Friday, March 15th were paid a dividend of $0.37 per share. The ex-dividend date was Thursday, March 14th. This is an increase from Frontline’s previous quarterly dividend of $0.30. This represents a $1.48 dividend on an annualized basis and a dividend yield of 6.30%. Frontline’s dividend payout ratio (DPR) is 50.17%.

Analysts Set New Price Targets

A number of research firms recently weighed in on FRO. Deutsche Bank Aktiengesellschaft upgraded Frontline from a “hold” rating to a “buy” rating and increased their price target for the company from $17.00 to $26.00 in a research report on Tuesday, January 9th. Jefferies Financial Group upgraded Frontline from a “hold” rating to a “buy” rating and increased their price target for the company from $22.00 to $30.00 in a research report on Thursday, March 21st. Finally, JPMorgan Chase & Co. decreased their price objective on Frontline from $23.00 to $22.30 and set a “neutral” rating for the company in a research report on Friday, March 1st.

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.