Private Advisor Group LLC Has $460,000 Stake in Frontline PLC (NYSE:FRO)

Private Advisor Group LLC boosted its stake in Frontline PLC (NYSE:FRO) by 10.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,968 shares of the shipping company’s stock after purchasing an additional 2,915 shares during the period. Private Advisor Group LLC’s holdings in Frontline were worth $460,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of FRO. Signaturefd LLC grew its holdings in Frontline by 59.3% during the 1st quarter. Signaturefd LLC now owns 2,657 shares of the shipping company’s stock worth $39,000 after acquiring an additional 989 shares during the period. MQS Management LLC acquired a new stake in Frontline during the 1st quarter worth about $204,000. Envestnet Asset Management Inc. grew its holdings in Frontline by 21.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 36,502 shares of the shipping company’s stock worth $542,000 after acquiring an additional 6,334 shares during the period. Bank of New York Mellon Corp grew its holdings in Frontline by 761.8% during the 1st quarter. Bank of New York Mellon Corp now owns 648,836 shares of the shipping company’s stock worth $9,635,000 after acquiring an additional 573,544 shares during the period. Finally, Svenska Handelsbanken AB publ grew its holdings in Frontline by 82.7% during the 1st quarter. Svenska Handelsbanken AB publ now owns 54,976 shares of the shipping company’s stock worth $803,000 after acquiring an additional 24,878 shares during the period. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FRO has been the subject of several research reports. Evercore ISI reduced 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. Wall Street Zen downgraded Frontline from a “hold” rating to a “sell” rating in a research note on Sunday, July 6th. Two investment analysts have rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.62.

Frontline Stock Performance

Shares of FRO opened at $18.77 on Thursday. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.82 and a quick ratio of 1.82. The stock has a 50-day moving average of $18.21 and a 200-day moving average of $17.03. The company has a market cap of $4.18 billion, a PE ratio of 12.03 and a beta of 0.25. Frontline PLC has a one year low of $12.40 and a one year high of $25.68.

Frontline (NYSE:FRO) last released its quarterly earnings results on Friday, May 23rd. The shipping company reported $0.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.18. The business had revenue of $427.87 million during the quarter, compared to the consensus estimate of $252.26 million. Frontline had a return on equity of 12.67% and a net margin of 17.67%. The company’s quarterly revenue was down 26.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.62 EPS. On average, equities research analysts predict that Frontline PLC will post 1.78 EPS for the current fiscal year.

Frontline Announces Dividend

The business also recently declared a dividend, which was paid on Tuesday, June 24th. Shareholders of record on Friday, June 13th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, June 12th. This represents a yield of 3.97%. Frontline’s dividend payout ratio (DPR) is currently 46.15%.

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.