Frontline plc (NYSE:FRO) Shares Sold by LPL Financial LLC

LPL Financial LLC cut its position in Frontline plc (NYSE:FRO) by 19.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 100,871 shares of the shipping company’s stock after selling 24,322 shares during the quarter. LPL Financial LLC’s holdings in Frontline were worth $1,431,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Swiss National Bank raised its stake in shares of Frontline by 0.6% in the 4th quarter. Swiss National Bank now owns 286,612 shares of the shipping company’s stock worth $3,953,000 after buying an additional 1,845 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Frontline by 65.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 71,972 shares of the shipping company’s stock worth $1,021,000 after purchasing an additional 28,478 shares in the last quarter. Tejara Capital Ltd purchased a new position in shares of Frontline during the 4th quarter valued at $633,000. Public Employees Retirement System of Ohio acquired a new position in Frontline in the 3rd quarter worth about $998,000. Finally, Range Financial Group LLC acquired a new stake in Frontline in the fourth quarter valued at approximately $579,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Kepler Capital Markets set a $12.49 target price on Frontline in a research report on Thursday, March 27th. Two analysts have rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.62.

Frontline Stock Up 4.4 %

NYSE FRO opened at $15.43 on Friday. The firm has a 50-day simple moving average of $15.69 and a 200 day simple moving average of $17.26. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. The stock has a market cap of $3.43 billion, a PE ratio of 6.30 and a beta of 0.20. Frontline plc has a twelve month low of $12.40 and a twelve month high of $29.39.

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

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.20 per share. The ex-dividend date was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 5.19%. Frontline’s dividend payout ratio (DPR) is presently 36.04%.

Frontline 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.