Triumph Capital Management Raises Stock Holdings in Frontline plc (NYSE:FRO)

Triumph Capital Management lifted its holdings in shares of Frontline plc (NYSE:FRO) by 23.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,217 shares of the shipping company’s stock after purchasing an additional 2,882 shares during the quarter. Triumph Capital Management’s holdings in Frontline were worth $216,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Jones Financial Companies Lllp purchased a new position in shares of Frontline during the fourth quarter worth about $31,000. Golden State Wealth Management LLC purchased a new position in shares of Frontline during the fourth quarter worth about $84,000. National Bank of Canada FI grew its holdings in shares of Frontline by 331.8% during the fourth quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company’s stock worth $87,000 after purchasing an additional 4,738 shares in the last quarter. Blue Trust Inc. boosted its stake in Frontline by 84.4% in the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock worth $127,000 after buying an additional 4,084 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in Frontline by 5,500.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 11,200 shares of the shipping company’s stock worth $159,000 after buying an additional 11,000 shares in the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Stock Performance

NYSE:FRO opened at $18.32 on Friday. The firm has a market cap of $4.08 billion, a PE ratio of 7.48 and a beta of 0.24. Frontline plc has a fifty-two week low of $12.40 and a fifty-two 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 business has a 50 day moving average price of $15.82 and a 200-day moving average price of $16.41.

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

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued 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 dividend yield of 4.37%. Frontline’s dividend payout ratio is presently 36.04%.

Analyst Upgrades and Downgrades

FRO has been the subject of several research reports. Evercore ISI cut their target price on 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 target price on Frontline in a research note on Thursday, March 27th. Two investment 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 company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.62.

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.