Thurston Springer Miller Herd & Titak Inc. Acquires Shares of 1,984 Frontline PLC $FRO

Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Frontline PLC (NYSE:FRO) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,984 shares of the shipping company’s stock, valued at approximately $33,000.

Other large investors have also modified their holdings of the company. SVB Wealth LLC acquired a new stake in shares of Frontline in the first quarter valued at about $32,000. Bayforest Capital Ltd purchased a new position in shares of Frontline in the first quarter valued at $34,000. Signaturefd LLC boosted its stake in shares of Frontline by 59.3% in the first quarter. Signaturefd LLC now owns 2,657 shares of the shipping company’s stock valued at $39,000 after purchasing an additional 989 shares during the period. Golden State Wealth Management LLC boosted its stake in shares of Frontline by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 11,800 shares of the shipping company’s stock valued at $175,000 after purchasing an additional 5,900 shares during the period. Finally, MQS Management LLC purchased a new position in shares of Frontline in the first quarter valued at $204,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Stock Up 0.2%

FRO stock opened at $23.88 on Friday. The stock has a market cap of $5.32 billion, a PE ratio of 22.31 and a beta of 0.25. The firm’s 50-day simple moving average is $20.14 and its 200 day simple moving average is $17.92. Frontline PLC has a fifty-two week low of $12.40 and a fifty-two week high of $25.68. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 1.38.

Frontline (NYSE:FRO) last posted its earnings results on Friday, August 29th. The shipping company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.06). Frontline had a return on equity of 10.27% and a net margin of 12.94%.The firm had revenue of $282.95 million during the quarter, compared to the consensus estimate of $328.71 million. During the same quarter last year, the company posted $0.62 EPS. Frontline’s revenue for the quarter was up 34.2% on a year-over-year basis. As a group, sell-side analysts predict that Frontline PLC will post 1.78 EPS for the current year.

Frontline Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Friday, September 12th will be given a $0.36 dividend. The ex-dividend date is Friday, September 12th. This represents a $1.44 annualized dividend and a yield of 6.0%. Frontline’s dividend payout ratio is 134.58%.

Wall Street Analysts Forecast Growth

FRO has been the topic of several recent analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and issued a $25.00 price target on shares of Frontline in a report on Friday, August 29th. BTIG Research upped their price target on shares of Frontline from $25.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Wall Street Zen cut shares of Frontline from a “hold” rating to a “sell” rating in a report on Sunday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Frontline has a consensus rating of “Moderate Buy” and a consensus price target of $21.87.

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.