Deutsche Bank AG Grows Holdings in Frontline plc (NYSE:FRO)

Deutsche Bank AG lifted its stake in shares of Frontline plc (NYSE:FRO) by 15.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 334,343 shares of the shipping company’s stock after buying an additional 44,626 shares during the quarter. Deutsche Bank AG owned approximately 0.15% of Frontline worth $4,744,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Caption Management LLC acquired a new position in Frontline during the 4th quarter worth $256,000. Bank of America Corp DE grew its stake in Frontline by 153.1% in the fourth quarter. Bank of America Corp DE now owns 228,843 shares of the shipping company’s stock worth $3,247,000 after purchasing an additional 138,426 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in Frontline in the fourth quarter worth about $424,000. Armor Advisors L.L.C. acquired a new position in Frontline in the fourth quarter worth about $2,701,000. Finally, Nexpoint Asset Management L.P. bought a new stake in Frontline in the fourth quarter valued at about $159,000. Institutional investors own 22.70% of the company’s stock.

Frontline Price Performance

FRO opened at $18.32 on Monday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The company’s 50-day moving average price is $15.82 and its 200 day moving average price is $16.39. Frontline plc has a fifty-two week low of $12.40 and a fifty-two week high of $29.39. The firm has a market cap of $4.08 billion, a price-to-earnings ratio of 7.48 and a beta of 0.24.

Frontline (NYSE:FRO) last posted its earnings results on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, meeting the consensus estimate of $0.20. The company had revenue of $425.60 million during the quarter, compared to analyst estimates of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The business’s revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.46 earnings per share. As a group, sell-side analysts expect that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid 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 4.37%. Frontline’s payout ratio is currently 36.04%.

Analyst Ratings Changes

A number of research firms have commented on FRO. Evercore ISI reduced their target price on Frontline from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 price objective on Frontline in a research note on Thursday, March 27th. Two research analysts have rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.62.

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.