Bank of Montreal Can Has $1.06 Million Stock Position in Frontline plc (NYSE:FRO)

Bank of Montreal Can lessened its stake in Frontline plc (NYSE:FRO) by 5.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,820 shares of the shipping company’s stock after selling 4,236 shares during the quarter. Bank of Montreal Can’s holdings in Frontline were worth $1,062,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of FRO. Jones Financial Companies Lllp bought a new position in Frontline in the 4th quarter worth approximately $31,000. Golden State Wealth Management LLC acquired a new position in shares of Frontline during the fourth quarter valued at $84,000. National Bank of Canada FI boosted its holdings in Frontline by 331.8% in the fourth quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company’s stock valued at $87,000 after acquiring an additional 4,738 shares during the last quarter. Blue Trust Inc. increased its position in Frontline by 84.4% in the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock worth $127,000 after purchasing an additional 4,084 shares during the period. Finally, Clear Harbor Asset Management LLC bought a new stake in Frontline during the 4th quarter worth about $214,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Frontline Stock Up 4.4 %

Shares of NYSE:FRO opened at $15.43 on Friday. The company has a 50 day moving average price of $15.65 and a two-hundred day moving average price of $17.21. The company has a market capitalization of $3.43 billion, a PE ratio of 6.30 and a beta of 0.20. Frontline plc has a 52 week low of $12.40 and a 52 week high of $29.39. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, hitting 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 for the quarter, compared to the consensus estimate of $273.16 million. During the same quarter last year, the business posted $0.46 EPS. The firm’s revenue was up 2.6% compared to the same quarter last year. Analysts forecast that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

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

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.