Frontline PLC $FRO Stock Position Lowered by Cetera Investment Advisers

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

Several other large investors have also recently added to or reduced their stakes in FRO. Signaturefd LLC increased its stake in Frontline by 59.3% in the 1st quarter. Signaturefd LLC now owns 2,657 shares of the shipping company’s stock valued at $39,000 after buying an additional 989 shares during the period. Tower Research Capital LLC TRC increased its stake in Frontline by 5,500.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,200 shares of the shipping company’s stock valued at $159,000 after buying an additional 11,000 shares during the period. Nexpoint Asset Management L.P. acquired a new position in Frontline in the 4th quarter valued at approximately $159,000. Boothbay Fund Management LLC acquired a new position in Frontline in the 4th quarter valued at approximately $173,000. Finally, Golden State Wealth Management LLC increased its stake in Frontline by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 11,800 shares of the shipping company’s stock valued at $175,000 after buying an additional 5,900 shares during the period. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Stock Performance

Shares of FRO opened at $18.80 on Monday. Frontline PLC has a 12 month low of $12.40 and a 12 month high of $25.68. The company’s fifty day moving average is $18.48 and its 200-day moving average is $17.19. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 1.44. The firm has a market cap of $4.19 billion, a price-to-earnings ratio of 12.05 and a beta of 0.22.

Frontline (NYSE:FRO) last posted its 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. Frontline had a net margin of 17.67% and a return on equity of 12.67%. The business had revenue of $427.87 million for the quarter, compared to analyst estimates of $252.26 million. During the same period last year, the business posted $0.62 EPS. Frontline’s revenue was down 26.0% compared to the same quarter last year. Equities analysts expect that Frontline PLC will post 1.78 EPS for the current fiscal year.

Frontline Announces Dividend

The company also recently announced a dividend, which was paid on Tuesday, June 24th. Investors of record on Friday, June 13th were paid a $0.18 dividend. The ex-dividend date was Thursday, June 12th. This represents a yield of 397.0%. Frontline’s dividend payout ratio (DPR) is presently 46.15%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on FRO shares. Evercore ISI dropped their price objective on shares of Frontline from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 22nd. Wall Street Zen lowered shares of 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 given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.