40,827 Shares in Frontline plc (NYSE:FRO) Bought by Range Financial Group LLC

Range Financial Group LLC acquired a new position in Frontline plc (NYSE:FRO) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 40,827 shares of the shipping company’s stock, valued at approximately $579,000.

Other institutional investors have also recently bought and sold shares of the company. International Assets Investment Management LLC purchased a new position in shares of Frontline in the 3rd quarter worth about $783,000. Charles Schwab Investment Management Inc. grew its position in shares of Frontline by 102.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 43,494 shares of the shipping company’s stock valued at $994,000 after acquiring an additional 22,022 shares during the period. Edge Capital Group LLC increased its stake in shares of Frontline by 31.8% during the 2nd quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company’s stock worth $10,641,000 after purchasing an additional 99,765 shares during the last quarter. FCG Investment Co bought a new stake in shares of Frontline in the 3rd quarter worth approximately $823,000. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Frontline in the 3rd quarter worth approximately $998,000. Institutional investors own 22.70% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Fearnley Fonds raised Frontline to a “strong-buy” rating in a research report on Friday, September 27th. BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Monday, October 7th. Kepler Capital Markets downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective on the stock. in a report on Thursday, December 12th. Finally, Jefferies Financial Group cut their target price on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.36.

Frontline Price Performance

NYSE FRO traded up $1.66 during trading hours on Tuesday, hitting $15.93. The company had a trading volume of 8,170,386 shares, compared to its average volume of 3,773,888. The firm has a 50 day simple moving average of $16.65 and a 200 day simple moving average of $21.12. Frontline plc has a 52 week low of $13.17 and a 52 week high of $29.39. The firm has a market capitalization of $3.55 billion, a price-to-earnings ratio of 6.50 and a beta of 0.01. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43.

Frontline (NYSE:FRO) last issued 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 quarter in the previous year, the firm posted $0.36 EPS. Equities research analysts expect that Frontline plc will post 1.83 earnings per share for the current year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were given a $0.34 dividend. The ex-dividend date of this dividend was Wednesday, December 11th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 8.54%. Frontline’s dividend payout ratio (DPR) is presently 55.51%.

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.