Invesco Ltd. Sells 595 Shares of Frontline plc (NYSE:FRO)

Invesco Ltd. lowered its stake in shares of Frontline plc (NYSE:FRO) by 1.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,564 shares of the shipping company’s stock after selling 595 shares during the quarter. Invesco Ltd.’s holdings in Frontline were worth $462,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Frontline by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 5,493,085 shares of the shipping company’s stock valued at $75,502,000 after buying an additional 51,073 shares in the last quarter. Hartree Partners LP increased its holdings in shares of Frontline by 482.6% during the fourth quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company’s stock valued at $15,047,000 after acquiring an additional 878,885 shares in the last quarter. Swiss National Bank raised its position in shares of Frontline by 0.6% in the 4th quarter. Swiss National Bank now owns 286,612 shares of the shipping company’s stock valued at $3,953,000 after purchasing an additional 1,845 shares during the last quarter. Discovery Capital Management LLC CT acquired a new stake in Frontline in the 4th quarter worth approximately $3,548,000. Finally, Rovida Advisors Inc. increased its stake in Frontline by 60.0% during the 4th quarter. Rovida Advisors Inc. now owns 160,000 shares of the shipping company’s stock valued at $2,272,000 after purchasing an additional 60,000 shares in the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Analyst Upgrades and Downgrades

FRO has been the subject of several research reports. Evercore ISI lowered their price objective on shares of Frontline from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 price target on Frontline in a research report on Thursday, March 27th. Two analysts have rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Frontline currently has a consensus rating of “Moderate Buy” and an average price target of $20.62.

Frontline Stock Performance

Shares of Frontline stock opened at $17.15 on Friday. The firm’s fifty day simple moving average is $15.47 and its 200-day simple moving average is $16.62. Frontline plc has a 12 month low of $12.40 and a 12 month high of $29.39. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of 7.00 and a beta of 0.24. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, meeting analysts’ consensus estimates of $0.20. The firm had revenue of $425.60 million during the quarter, compared to the consensus estimate of $273.16 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.46 earnings per share. As a group, equities analysts forecast that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.20 per share. The ex-dividend date was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 4.66%. Frontline’s dividend payout ratio (DPR) is currently 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.