Oppenheimer & Co. Inc. Purchases New Position in Frontline plc (NYSE:FRO)

Oppenheimer & Co. Inc. purchased a new position in shares of Frontline plc (NYSE:FROFree Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,450 shares of the shipping company’s stock, valued at approximately $271,000.

A number of other large investors have also modified their holdings of the stock. Harbour Investments Inc. purchased a new position in Frontline in the first quarter valued at $26,000. PNC Financial Services Group Inc. increased its holdings in Frontline by 71.9% in the second quarter. PNC Financial Services Group Inc. now owns 1,999 shares of the shipping company’s stock valued at $29,000 after buying an additional 836 shares during the last quarter. State of Wyoming purchased a new position in Frontline in the fourth quarter valued at $28,000. Neo Ivy Capital Management purchased a new position in Frontline in the second quarter valued at $39,000. Finally, Hexagon Capital Partners LLC increased its holdings in Frontline by 27.9% in the third quarter. Hexagon Capital Partners LLC now owns 2,882 shares of the shipping company’s stock valued at $54,000 after buying an additional 628 shares during the last quarter. Hedge funds and other institutional investors own 25.66% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Jefferies Financial Group reissued a “hold” rating and issued a $22.00 target price on shares of Frontline in a report on Thursday, November 30th. JPMorgan Chase & Co. dropped their price objective on Frontline from $24.40 to $23.00 and set a “neutral” rating on the stock in a report on Thursday, February 1st. StockNews.com raised Frontline from a “sell” rating to a “hold” rating in a report on Thursday, December 7th. Finally, Deutsche Bank Aktiengesellschaft raised Frontline from a “hold” rating to a “buy” rating and raised their price objective for the stock from $17.00 to $26.00 in a report on Tuesday, January 9th.

Check Out Our Latest Stock Analysis on FRO

Frontline Stock Performance

Shares of FRO stock opened at $23.12 on Tuesday. The stock’s 50-day moving average is $21.14 and its two-hundred day moving average is $19.91. The firm has a market cap of $5.15 billion, a price-to-earnings ratio of 6.60 and a beta of 0.09. Frontline plc has a 1 year low of $13.35 and a 1 year high of $23.27. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.79 and a current ratio of 1.79.

Frontline (NYSE:FROGet Free Report) last announced its earnings results on Wednesday, November 29th. The shipping company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.10). Frontline had a return on equity of 31.08% and a net margin of 40.09%. The business had revenue of $232.03 million for the quarter, compared to analyst estimates of $297.94 million. During the same quarter last year, the company posted $0.37 EPS. Analysts predict that Frontline plc will post 2.73 earnings per share for the current year.

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $1.20 annualized dividend and a dividend yield of 5.19%. Frontline’s dividend payout ratio (DPR) is 34.29%.

About Frontline

(Free Report)

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.

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Institutional Ownership by Quarter for Frontline (NYSE:FRO)

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