Golden State Wealth Management LLC Takes Position in Frontline plc (NYSE:FRO)

Golden State Wealth Management LLC purchased a new position in shares of Frontline plc (NYSE:FRO) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 5,900 shares of the shipping company’s stock, valued at approximately $84,000.

Several other institutional investors have also recently added to or reduced their stakes in FRO. Svenska Handelsbanken AB publ acquired a new stake in Frontline during the 4th quarter worth approximately $415,000. Blue Trust Inc. grew its position in 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 buying an additional 4,084 shares during the last quarter. SG Americas Securities LLC grew its position in Frontline by 148.3% in the 4th quarter. SG Americas Securities LLC now owns 33,121 shares of the shipping company’s stock valued at $470,000 after buying an additional 19,783 shares during the last quarter. Clear Harbor Asset Management LLC acquired a new position in Frontline in the 4th quarter valued at $214,000. Finally, Harbour Capital Advisors LLC purchased a new position in Frontline during the 4th quarter worth $439,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Stock Down 0.6 %

FRO stock opened at $17.83 on Monday. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The company’s 50-day moving average price is $15.80 and its 200 day moving average price is $19.86. Frontline plc has a 52 week low of $13.17 and a 52 week high of $29.39. The company has a market cap of $3.97 billion and a P/E ratio of 7.28.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same period in the previous year, the business posted $0.36 EPS. On average, research analysts expect that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 7.63%. The ex-dividend date was Wednesday, December 11th. Frontline’s dividend payout ratio is currently 55.51%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Kepler Capital Markets lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target on the stock. in a research note on Thursday, December 12th. Jefferies Financial Group lowered their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $24.03.

About Frontline

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.