Frontline plc (NYSE:FRO) Shares Sold by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC trimmed its holdings in Frontline plc (NYSE:FRO) by 13.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 29,800 shares of the shipping company’s stock after selling 4,530 shares during the period. Nisa Investment Advisors LLC’s holdings in Frontline were worth $597,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of FRO. International Assets Investment Management LLC purchased a new stake in shares of Frontline in the fourth quarter valued at about $603,000. Global Retirement Partners LLC grew its holdings in shares of Frontline by 10.6% in the fourth quarter. Global Retirement Partners LLC now owns 12,773 shares of the shipping company’s stock valued at $284,000 after purchasing an additional 1,225 shares during the period. SeaCrest Wealth Management LLC grew its holdings in shares of Frontline by 2.4% in the fourth quarter. SeaCrest Wealth Management LLC now owns 51,585 shares of the shipping company’s stock valued at $1,147,000 after purchasing an additional 1,200 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Frontline in the fourth quarter valued at about $292,000. Finally, Redhawk Wealth Advisors Inc. purchased a new stake in shares of Frontline in the fourth quarter valued at about $494,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Trading Up 0.8 %

Shares of FRO stock opened at $24.35 on Wednesday. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.78 and a quick ratio of 1.79. The firm has a market cap of $5.42 billion, a PE ratio of 8.25 and a beta of 0.06. The company has a 50-day moving average of $23.30 and a two-hundred day moving average of $21.82. Frontline plc has a 1-year low of $13.35 and a 1-year high of $25.14.

Frontline (NYSE:FRO) last announced its earnings results on Thursday, February 29th. The shipping company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.05). The company had revenue of $415.00 million for the quarter, compared to analysts’ expectations of $280.36 million. Frontline had a return on equity of 26.00% and a net margin of 35.95%. The company’s quarterly revenue was down 21.7% compared to the same quarter last year. During the same period last year, the business earned $0.97 EPS. On average, analysts predict that Frontline plc will post 3.01 EPS for the current year.

Frontline Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Shareholders of record on Friday, March 15th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 6.08%. The ex-dividend date of this dividend was Thursday, March 14th. This is a positive change from Frontline’s previous quarterly dividend of $0.30. Frontline’s dividend payout ratio (DPR) is 50.17%.

Analyst Ratings Changes

A number of brokerages recently issued reports on FRO. JPMorgan Chase & Co. dropped their price objective on shares of Frontline from $23.00 to $22.30 and set a “neutral” rating for the company in a report on Friday, March 1st. Deutsche Bank Aktiengesellschaft raised shares of Frontline from a “hold” rating to a “buy” rating and upped their price objective for the company from $17.00 to $26.00 in a report on Tuesday, January 9th. Finally, Jefferies Financial Group raised shares of Frontline from a “hold” rating to a “buy” rating and increased their target price for the stock from $22.00 to $30.00 in a research note on Thursday, March 21st.

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.