Summit Financial LLC Makes New $2.06 Million Investment in Frontline plc (NYSE:FRO)

Summit Financial LLC purchased a new stake in shares of Frontline plc (NYSE:FRO) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 145,142 shares of the shipping company’s stock, valued at approximately $2,060,000.

Other large investors have also made changes to their positions in the company. Jones Financial Companies Lllp bought a new position in Frontline during the fourth quarter valued at approximately $31,000. Golden State Wealth Management LLC bought a new position in shares of Frontline during the 4th quarter valued at $84,000. Blue Trust Inc. lifted its stake in shares of Frontline by 84.4% in the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock valued at $127,000 after purchasing an additional 4,084 shares during the last quarter. Clear Harbor Asset Management LLC bought a new stake in Frontline in the fourth quarter worth $214,000. Finally, Raymond James Financial Inc. acquired a new position in Frontline during the fourth quarter worth $241,000. Institutional investors own 22.70% of the company’s stock.

Frontline Trading Down 0.7 %

Frontline stock opened at $14.87 on Tuesday. Frontline plc has a 52 week low of $13.17 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. The firm has a market capitalization of $3.31 billion, a PE ratio of 6.07 and a beta of -0.04. The business’s 50-day simple moving average is $16.54 and its 200-day simple moving average is $18.03.

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

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 5.38%. The ex-dividend date was Friday, March 14th. Frontline’s dividend payout ratio (DPR) is presently 36.04%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on FRO shares. Kepler Capital Markets cut Frontline from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 27th. Jefferies Financial Group decreased their target price on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. Two research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $24.46.

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.