Harbour Capital Advisors LLC Makes New Investment in Frontline plc (NYSE:FRO)

Harbour Capital Advisors LLC acquired a new stake in Frontline plc (NYSE:FRO) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 30,810 shares of the shipping company’s stock, valued at approximately $439,000.

Several other institutional investors and hedge funds have also modified their holdings of FRO. Private Advisor Group LLC raised its holdings in Frontline by 4.8% in the 3rd quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company’s stock valued at $243,000 after acquiring an additional 490 shares during the last quarter. IHT Wealth Management LLC increased its stake in Frontline by 3.5% in the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock valued at $359,000 after purchasing an additional 535 shares during the last quarter. TD Asset Management Inc lifted its position in Frontline by 9.7% during the second quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company’s stock worth $258,000 after buying an additional 871 shares during the period. Godsey & Gibb Inc. acquired a new stake in Frontline in the 3rd quarter worth about $25,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in Frontline in the 2nd quarter valued at about $31,000. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FRO. BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Monday, October 7th. Jefferies Financial Group decreased their price target on shares of Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. Kepler Capital Markets downgraded Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective for the company. in a report on Thursday, December 12th. Finally, Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a report on Friday, September 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.03.

Frontline Price Performance

Frontline stock opened at $18.36 on Tuesday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The firm has a market capitalization of $4.09 billion, a P/E ratio of 7.49 and a beta of 0.01. The firm has a fifty day moving average of $16.37 and a 200-day moving average of $20.79. Frontline plc has a 52-week low of $13.17 and a 52-week high of $29.39.

Frontline (NYSE:FRO) last released its quarterly earnings data on Wednesday, November 27th. The shipping company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a net margin of 25.64% and a return on equity of 19.25%. During the same period in the previous year, the business earned $0.36 earnings per share. As a group, analysts predict that Frontline plc will post 1.83 EPS for the current year.

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 7.41%. The ex-dividend date of this dividend was Wednesday, December 11th. Frontline’s dividend payout ratio is presently 55.51%.

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.