Frontline plc (NYSE:FRO) Stock Position Raised by Hartree Partners LP

Hartree Partners LP grew its stake in Frontline plc (NYSE:FRO) by 482.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,061,000 shares of the shipping company’s stock after buying an additional 878,885 shares during the quarter. Frontline comprises 5.6% of Hartree Partners LP’s portfolio, making the stock its 5th largest holding. Hartree Partners LP’s holdings in Frontline were worth $15,047,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of FRO. The Manufacturers Life Insurance Company grew its holdings in shares of Frontline by 1,326.2% during the third quarter. The Manufacturers Life Insurance Company now owns 527,470 shares of the shipping company’s stock worth $12,053,000 after purchasing an additional 490,486 shares during the last quarter. Point72 Europe London LLP acquired a new stake in shares of Frontline during the 3rd quarter worth about $3,219,000. X Square Capital LLC acquired a new position in Frontline in the fourth quarter valued at $1,260,000. Rovida Advisors Inc. increased its stake in Frontline by 60.0% during the fourth quarter. Rovida Advisors Inc. now owns 160,000 shares of the shipping company’s stock worth $2,272,000 after acquiring an additional 60,000 shares during the last quarter. Finally, Cinctive Capital Management LP boosted its position in shares of Frontline by 120.8% in the third quarter. Cinctive Capital Management LP now owns 104,557 shares of the shipping company’s stock worth $2,389,000 after buying an additional 57,206 shares during the period. Institutional investors and hedge funds own 22.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FRO. Kepler Capital Markets lowered shares of Frontline from a “hold” rating to a “strong sell” rating in a report on Thursday. Jefferies Financial Group dropped their price target on shares of Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, December 17th. Two investment analysts have rated the stock with a sell rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Frontline currently has an average rating of “Moderate Buy” and a consensus price target of $24.46.

Frontline Trading Up 0.2 %

NYSE FRO opened at $14.95 on Friday. The company has a market cap of $3.33 billion, a PE ratio of 6.10 and a beta of -0.04. The stock has a 50 day moving average of $16.59 and a 200-day moving average of $18.12. Frontline plc has a 12 month low of $13.17 and a 12 month high of $29.39. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44.

Frontline (NYSE:FRO) last issued its quarterly earnings data 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 company had revenue of $425.60 million during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.46 earnings per share. On average, equities research analysts anticipate that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 5.35%. The ex-dividend date is Friday, March 14th. Frontline’s dividend payout ratio is 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.