Frontline plc (NYSE:FRO) Holdings Boosted by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC boosted its holdings in Frontline plc (NYSE:FRO) by 234.6% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,116 shares of the shipping company’s stock after acquiring an additional 24,620 shares during the period. Commonwealth Equity Services LLC’s holdings in Frontline were worth $905,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of FRO. Vanguard Group Inc. raised its holdings in shares of Frontline by 5,319.5% during the first quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company’s stock valued at $123,750,000 after buying an additional 5,195,312 shares during the last quarter. M&G Plc bought a new stake in shares of Frontline during the first quarter valued at approximately $25,074,000. Forest Avenue Capital Management LP raised its holdings in shares of Frontline by 115.9% during the fourth quarter. Forest Avenue Capital Management LP now owns 1,057,691 shares of the shipping company’s stock valued at $21,207,000 after buying an additional 567,900 shares during the last quarter. Rovida Advisors Inc. bought a new stake in shares of Frontline during the fourth quarter valued at approximately $4,260,000. Finally, Teachers Retirement System of The State of Kentucky bought a new stake in shares of Frontline during the fourth quarter valued at approximately $2,811,000. Institutional investors own 22.70% of the company’s stock.

Frontline Trading Up 0.1 %

Frontline stock opened at $23.24 on Wednesday. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market cap of $5.17 billion, a price-to-earnings ratio of 8.14 and a beta of 0.04. Frontline plc has a 1 year low of $16.41 and a 1 year high of $29.39. The firm’s 50 day moving average price is $23.59 and its two-hundred day moving average price is $24.46.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.03). The business had revenue of $409.72 million during the quarter, compared to analyst estimates of $383.88 million. Frontline had a return on equity of 19.73% and a net margin of 29.42%. During the same quarter last year, the firm posted $0.94 EPS. On average, research analysts predict that Frontline plc will post 2.62 EPS for the current fiscal year.

Frontline Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a $0.62 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.48 annualized dividend and a yield of 10.67%. Frontline’s dividend payout ratio (DPR) is 86.71%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FRO shares. StockNews.com raised Frontline to a “sell” rating in a report on Thursday, September 5th. Jefferies Financial Group reiterated a “buy” rating and set a $30.00 price objective on shares of Frontline in a research note on Friday, August 30th. Finally, Evercore ISI lowered their price objective on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Frontline has a consensus rating of “Hold” and a consensus price target of $27.58.

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.