State of New Jersey Common Pension Fund D Buys 32,526 Shares of Frontline plc (NYSE:FRO)

State of New Jersey Common Pension Fund D increased its stake in Frontline plc (NYSE:FRO) by 187.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,839 shares of the shipping company’s stock after purchasing an additional 32,526 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Frontline were worth $999,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Naples Money Management LLC acquired a new stake in Frontline during the 4th quarter worth $27,000. Emfo LLC bought a new stake in Frontline in the 4th quarter valued at $80,000. Tucker Asset Management LLC lifted its position in Frontline by 477.3% in the 3rd quarter. Tucker Asset Management LLC now owns 4,301 shares of the shipping company’s stock valued at $81,000 after acquiring an additional 3,556 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in Frontline in the 3rd quarter valued at $190,000. Finally, Banque Pictet & Cie SA bought a new stake in Frontline during the 3rd quarter worth about $219,000. Institutional investors own 22.70% of the company’s stock.

Frontline Stock Performance

Shares of NYSE:FRO opened at $24.56 on Friday. The company’s 50 day moving average price is $23.34 and its two-hundred day moving average price is $22.13. Frontline plc has a 12-month low of $13.35 and a 12-month high of $25.14. The firm has a market cap of $5.47 billion, a PE ratio of 7.93 and a beta of 0.03. The company has a quick ratio of 1.79, a current ratio of 1.78 and a debt-to-equity ratio of 1.40.

Frontline (NYSE:FRO) last announced its earnings results on Thursday, February 29th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.05). The business had revenue of $415.00 million for the quarter, compared to analyst estimates of $280.36 million. Frontline had a return on equity of 26.00% and a net margin of 35.95%. The business’s revenue for the quarter was down 21.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.97 EPS. Equities research analysts predict that Frontline plc will post 3.09 earnings per share for the current year.

Frontline Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Shareholders of record on Friday, March 15th were given a $0.37 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.48 dividend on an annualized basis and a yield of 6.03%. This is a positive change from Frontline’s previous quarterly dividend of $0.30. Frontline’s dividend payout ratio (DPR) is currently 50.17%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. cut their price target on shares of Frontline from $23.00 to $22.30 and set a “neutral” rating on the stock in a research report on Friday, March 1st. Deutsche Bank Aktiengesellschaft raised shares of Frontline from a “hold” rating to a “buy” rating and boosted their price target for the stock from $17.00 to $26.00 in a research report on Tuesday, January 9th. Jefferies Financial Group raised shares of Frontline from a “hold” rating to a “buy” rating and upped their target price for the company from $22.00 to $30.00 in a report on Thursday, March 21st. Finally, StockNews.com lowered shares of Frontline from a “hold” rating to a “sell” rating in a research note on Wednesday.

About Frontline

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.