Cetera Investment Advisers Lowers Holdings in Frontline PLC $FRO

Cetera Investment Advisers reduced its stake in shares of Frontline PLC (NYSE:FRO) by 8.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 28,416 shares of the shipping company’s stock after selling 2,556 shares during the period. Cetera Investment Advisers’ holdings in Frontline were worth $422,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in FRO. Russell Investments Group Ltd. boosted its position in shares of Frontline by 1,117.1% during the 4th quarter. Russell Investments Group Ltd. now owns 20,727 shares of the shipping company’s stock worth $286,000 after purchasing an additional 19,024 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Frontline during the 4th quarter worth $241,000. Barclays PLC boosted its position in shares of Frontline by 135.5% during the 4th quarter. Barclays PLC now owns 487,597 shares of the shipping company’s stock worth $6,921,000 after purchasing an additional 280,588 shares in the last quarter. Mariner LLC raised its stake in shares of Frontline by 19.9% during the 4th quarter. Mariner LLC now owns 174,917 shares of the shipping company’s stock worth $2,482,000 after buying an additional 29,049 shares during the last quarter. Finally, Guggenheim Capital LLC acquired a new position in shares of Frontline during the 4th quarter worth $203,000. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Trading Up 1.0%

Shares of FRO stock opened at $18.80 on Monday. The firm has a 50-day moving average price of $18.48 and a 200 day moving average price of $17.19. Frontline PLC has a twelve month low of $12.40 and a twelve month high of $25.68. The company has a market capitalization of $4.19 billion, a price-to-earnings ratio of 12.05 and a beta of 0.22. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 1.44.

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

Frontline Dividend Announcement

The business also recently disclosed a dividend, which was paid on Tuesday, June 24th. Stockholders 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 dividend yield of 397.0%. Frontline’s dividend payout ratio is currently 46.15%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FRO. Wall Street Zen downgraded Frontline from a “hold” rating to a “sell” rating in a research note on Sunday, July 6th. Evercore ISI cut their price target on Frontline from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Tuesday, April 22nd. Two analysts have rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Frontline currently has an average rating of “Moderate Buy” and a consensus target price of $20.62.

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.