Farther Finance Advisors LLC Raises Holdings in Frontline PLC $FRO

Farther Finance Advisors LLC lifted its stake in Frontline PLC (NYSE:FRO) by 691.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,632 shares of the shipping company’s stock after buying an additional 11,036 shares during the quarter. Farther Finance Advisors LLC’s holdings in Frontline were worth $207,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of FRO. Signaturefd LLC raised its holdings in Frontline by 59.3% in the 1st quarter. Signaturefd LLC now owns 2,657 shares of the shipping company’s stock worth $39,000 after purchasing an additional 989 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Frontline in the 2nd quarter worth about $33,000. SVB Wealth LLC acquired a new position in Frontline in the 1st quarter worth about $32,000. Bayforest Capital Ltd acquired a new position in Frontline in the 1st quarter worth about $34,000. Finally, Private Advisor Group LLC raised its holdings in Frontline by 10.4% in the 1st quarter. Private Advisor Group LLC now owns 30,968 shares of the shipping company’s stock worth $460,000 after purchasing an additional 2,915 shares during the period. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Price Performance

Shares of Frontline stock opened at $22.89 on Thursday. The business has a 50 day simple moving average of $20.99 and a two-hundred day simple moving average of $18.37. Frontline PLC has a 12 month low of $12.40 and a 12 month high of $25.68. The stock has a market capitalization of $5.09 billion, a P/E ratio of 21.39 and a beta of 0.20. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.88 and a quick ratio of 1.88.

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

Frontline Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 24th. Stockholders of record on Friday, September 12th were given a $0.36 dividend. The ex-dividend date was Friday, September 12th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.3%. Frontline’s dividend payout ratio is 134.58%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FRO. 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 Frontline from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, September 17th. Finally, Wall Street Zen raised Frontline from a “sell” rating to a “hold” rating in a report on Friday, September 26th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.87.

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.