Cinctive Capital Management LP Has $2.39 Million Stake in Frontline plc (NYSE:FRO)

Cinctive Capital Management LP lifted its stake in shares of Frontline plc (NYSE:FRO) by 120.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 104,557 shares of the shipping company’s stock after acquiring an additional 57,206 shares during the period. Cinctive Capital Management LP’s holdings in Frontline were worth $2,389,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of FRO. The Manufacturers Life Insurance Company boosted its position in shares of Frontline by 1,326.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 527,470 shares of the shipping company’s stock worth $12,053,000 after purchasing an additional 490,486 shares in the last quarter. M&G PLC raised its stake in Frontline by 27.2% during the 3rd quarter. M&G PLC now owns 1,110,763 shares of the shipping company’s stock worth $25,164,000 after buying an additional 237,446 shares during the period. Forest Avenue Capital Management LP boosted its holdings in Frontline by 12.7% in the second quarter. Forest Avenue Capital Management LP now owns 1,429,909 shares of the shipping company’s stock worth $36,834,000 after acquiring an additional 161,518 shares in the last quarter. Point72 Europe London LLP acquired a new stake in Frontline in the third quarter valued at approximately $3,219,000. Finally, Hsbc Holdings PLC increased its holdings in shares of Frontline by 7.7% during the second quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company’s stock valued at $50,683,000 after acquiring an additional 138,011 shares in the last quarter. 22.70% of the stock is owned by institutional investors.

Frontline Trading Down 2.9 %

NYSE FRO opened at $15.71 on Tuesday. The company has a fifty day moving average price of $20.91 and a 200-day moving average price of $23.41. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40. Frontline plc has a 1 year low of $15.54 and a 1 year high of $29.39.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). Frontline had a return on equity of 19.23% and a net margin of 25.64%. The firm had revenue of $409.72 million during the quarter, compared to the consensus estimate of $383.88 million. During the same period in the previous year, the company posted $0.94 earnings per share. As a group, sell-side analysts anticipate that Frontline plc will post 1.83 earnings per share for the current year.

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 8.66%. The ex-dividend date of this dividend is Wednesday, December 11th. Frontline’s dividend payout ratio is presently 101.22%.

Wall Street Analysts Forecast Growth

FRO has been the topic of a number of recent research reports. Jefferies Financial Group reiterated a “buy” rating and issued a $26.00 target price on shares of Frontline in a report on Wednesday, November 27th. BTIG Research raised shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a research note on Monday, October 7th. Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a research report on Friday, September 27th. Finally, StockNews.com upgraded shares of Frontline to a “sell” rating in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Frontline currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.26.

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.