Citigroup Inc. Cuts Stake in Frontline plc (NYSE:FRO)

Citigroup Inc. cut its holdings in Frontline plc (NYSE:FRO) by 7.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 191,097 shares of the shipping company’s stock after selling 14,276 shares during the quarter. Citigroup Inc. owned 0.09% of Frontline worth $3,165,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Godsey & Gibb Inc. purchased a new position in shares of Frontline in the first quarter valued at $25,000. State of Wyoming purchased a new position in shares of Frontline in the fourth quarter valued at $28,000. Optiver Holding B.V. purchased a new position in shares of Frontline in the fourth quarter valued at $39,000. Hexagon Capital Partners LLC lifted its position in Frontline by 2,767.0% in the first quarter. Hexagon Capital Partners LLC now owns 2,953 shares of the shipping company’s stock worth $49,000 after buying an additional 2,850 shares during the last quarter. Finally, Quantbot Technologies LP lifted its position in Frontline by 3,051.6% in the second quarter. Quantbot Technologies LP now owns 9,644 shares of the shipping company’s stock worth $85,000 after buying an additional 9,338 shares during the last quarter. 25.66% of the stock is owned by hedge funds and other institutional investors.

Frontline Stock Down 0.8 %

NYSE:FRO opened at $17.48 on Tuesday. Frontline plc has a twelve month low of $10.10 and a twelve month high of $19.29. The company has a market cap of $3.89 billion, a price-to-earnings ratio of 4.71 and a beta of 0.24. The stock has a fifty day simple moving average of $16.31 and a 200-day simple moving average of $16.02. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.84.

Frontline (NYSE:FRO) last released its earnings results on Wednesday, August 23rd. The shipping company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.10. Frontline had a return on equity of 31.87% and a net margin of 42.38%. The business had revenue of $522.15 million during the quarter, compared to the consensus estimate of $353.46 million. During the same period last year, the company earned $0.21 earnings per share. Analysts anticipate that Frontline plc will post 3.15 EPS for the current year.

Frontline Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.80 dividend. This is an increase from Frontline’s previous quarterly dividend of $0.70. This represents a $3.20 annualized dividend and a dividend yield of 18.31%. The ex-dividend date is Thursday, September 14th. Frontline’s payout ratio is presently 75.47%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. StockNews.com upgraded Frontline from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Deutsche Bank Aktiengesellschaft downgraded Frontline from a “buy” rating to a “hold” rating and set a $17.00 price target for the company. in a research report on Friday, August 25th. Jefferies Financial Group restated a “hold” rating and issued a $17.00 price target on shares of Frontline in a research report on Thursday, August 24th. Finally, JPMorgan Chase & Co. initiated coverage on Frontline in a research report on Tuesday, August 15th. They issued a “neutral” rating and a $20.00 price target for the company. Four analysts have rated the stock with a hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $18.00.

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.