Chesapeake Capital Corp IL Acquires Shares of 41,872 Frontline plc (NYSE:FRO)

Chesapeake Capital Corp IL bought a new position in shares of Frontline plc (NYSE:FROFree Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 41,872 shares of the shipping company’s stock, valued at approximately $840,000.

A number of other large investors have also modified their holdings of FRO. Raymond James & Associates acquired a new position in Frontline during the third quarter worth about $523,000. Segantii Capital Management Ltd purchased a new stake in shares of Frontline in the third quarter valued at approximately $2,728,000. Fox Run Management L.L.C. acquired a new stake in shares of Frontline in the third quarter valued at approximately $248,000. New York State Common Retirement Fund lifted its position in Frontline by 1,529.4% during the third quarter. New York State Common Retirement Fund now owns 15,496 shares of the shipping company’s stock worth $291,000 after buying an additional 14,545 shares in the last quarter. Finally, Oppenheimer & Co. Inc. acquired a new position in Frontline during the third quarter worth $271,000. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Trading Up 2.1 %

FRO traded up $0.59 on Friday, hitting $28.55. The company had a trading volume of 1,286,140 shares, compared to its average volume of 1,347,009. The company has a current ratio of 1.78, a quick ratio of 1.45 and a debt-to-equity ratio of 1.40. The firm has a market cap of $6.36 billion, a P/E ratio of 9.68 and a beta of 0.03. The company’s fifty day moving average price is $24.57 and its 200 day moving average price is $22.73. Frontline plc has a 1 year low of $13.35 and a 1 year high of $29.05.

Frontline (NYSE:FROGet Free Report) last released its quarterly earnings results on Thursday, February 29th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.05). Frontline had a net margin of 35.95% and a return on equity of 26.00%. The company had revenue of $415.00 million during the quarter, compared to analysts’ expectations of $280.36 million. During the same period last year, the firm posted $0.97 earnings per share. Frontline’s revenue was down 21.7% on a year-over-year basis. As a group, equities analysts expect that Frontline plc will post 3.57 earnings per share for the current year.

Frontline Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Friday, March 15th were paid a $0.37 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This is a boost from Frontline’s previous quarterly dividend of $0.30. This represents a $1.48 dividend on an annualized basis and a dividend yield of 5.18%. Frontline’s payout ratio is presently 50.17%.

Wall Street Analyst Weigh In

Several research firms have recently commented on FRO. JPMorgan Chase & Co. reduced their price target on Frontline from $23.00 to $22.30 and set a “neutral” rating on the stock in a report on Friday, March 1st. StockNews.com cut shares of Frontline from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. Finally, Jefferies Financial Group upgraded shares of Frontline from a “hold” rating to a “buy” rating and raised their price target for the stock from $22.00 to $30.00 in a report on Thursday, March 21st.

Read Our Latest Report on Frontline

About Frontline

(Free Report)

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.

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Institutional Ownership by Quarter for Frontline (NYSE:FRO)

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