Frontline plc (NYSE:FRO) Shares Sold by Cwm LLC

Cwm LLC trimmed its stake in shares of Frontline plc (NYSE:FRO) by 27.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,722 shares of the shipping company’s stock after selling 1,400 shares during the quarter. Cwm LLC’s holdings in Frontline were worth $75,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Naples Money Management LLC purchased a new stake in shares of Frontline during the 4th quarter worth approximately $27,000. Emfo LLC purchased a new stake in Frontline during the 4th quarter valued at approximately $80,000. Tucker Asset Management LLC increased its holdings in shares of Frontline by 477.3% in the third quarter. Tucker Asset Management LLC now owns 4,301 shares of the shipping company’s stock valued at $81,000 after purchasing an additional 3,556 shares during the period. Kestra Advisory Services LLC purchased a new stake in shares of Frontline during the third quarter worth approximately $190,000. Finally, Banque Pictet & Cie SA acquired a new stake in shares of Frontline during the third quarter worth $219,000. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FRO. StockNews.com downgraded shares of Frontline from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft upgraded shares of Frontline from a “hold” rating to a “buy” rating and upped their target price for the stock from $17.00 to $26.00 in a research report on Tuesday, January 9th. JPMorgan Chase & Co. reduced their price target on shares of Frontline from $23.00 to $22.30 and set a “neutral” rating for the company in a research report on Friday, March 1st. Finally, Jefferies Financial Group raised Frontline from a “hold” rating to a “buy” rating and raised their price objective for the company from $22.00 to $30.00 in a research note on Thursday, March 21st.

Frontline Price Performance

Shares of NYSE FRO opened at $24.87 on Wednesday. The company has a current ratio of 1.78, a quick ratio of 1.45 and a debt-to-equity ratio of 1.40. The company’s 50-day moving average price is $23.49 and its 200 day moving average price is $22.25. Frontline plc has a 52 week low of $13.35 and a 52 week high of $25.14. The stock has a market cap of $5.54 billion, a price-to-earnings ratio of 8.43 and a beta of 0.03.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Thursday, February 29th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.05). Frontline had a net margin of 35.95% and a return on equity of 26.00%. The business had revenue of $415.00 million during the quarter, compared to analysts’ expectations of $280.36 million. During the same period last year, the company earned $0.97 EPS. The firm’s revenue for the quarter was down 21.7% on a year-over-year basis. As a group, research analysts forecast that Frontline plc will post 3.03 earnings per share for the current fiscal 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 issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 5.95%. The ex-dividend date was Thursday, March 14th. This is a boost from Frontline’s previous quarterly dividend of $0.30. Frontline’s dividend payout ratio is 50.17%.

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.