Jones Financial Companies Lllp Acquires New Holdings in Frontline plc (NYSE:FRO)

Jones Financial Companies Lllp acquired a new stake in Frontline plc (NYSE:FRO) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,217 shares of the shipping company’s stock, valued at approximately $31,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Golden State Wealth Management LLC purchased a new stake in Frontline during the fourth quarter worth about $84,000. Blue Trust Inc. increased its stake in Frontline by 84.4% during 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. Vestcor Inc purchased a new stake in Frontline during the third quarter worth about $255,000. Clear Harbor Asset Management LLC purchased a new stake in Frontline during the fourth quarter worth about $214,000. Finally, IHT Wealth Management LLC increased its stake in Frontline by 3.5% during the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock worth $359,000 after purchasing an additional 535 shares during the period. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Stock Up 5.2 %

Frontline stock opened at $16.63 on Thursday. The stock’s fifty day moving average is $16.85 and its two-hundred day moving average is $18.44. 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 plc has a fifty-two week low of $13.17 and a fifty-two week high of $29.39. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of 6.79 and a beta of -0.04.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.20. The firm had revenue of $425.60 million for 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 firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the company earned $0.46 EPS. Analysts predict that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 4.81%. Frontline’s payout ratio is currently 36.04%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Jefferies Financial Group lowered their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. Kepler Capital Markets downgraded Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective for the company. in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $24.46.

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.