Nisa Investment Advisors LLC Sells 4,530 Shares of Frontline plc (NYSE:FRO)

Nisa Investment Advisors LLC reduced its stake in Frontline plc (NYSE:FRO) by 13.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 29,800 shares of the shipping company’s stock after selling 4,530 shares during the period. Nisa Investment Advisors LLC’s holdings in Frontline were worth $597,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Hexagon Capital Partners LLC increased its holdings in Frontline by 27.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,882 shares of the shipping company’s stock valued at $54,000 after acquiring an additional 628 shares during the last quarter. RMR Wealth Builders grew its stake in shares of Frontline by 4.7% in the 3rd quarter. RMR Wealth Builders now owns 14,960 shares of the shipping company’s stock worth $281,000 after buying an additional 677 shares in the last quarter. Sei Investments Co. grew its stake in shares of Frontline by 0.9% in the 4th quarter. Sei Investments Co. now owns 96,726 shares of the shipping company’s stock worth $1,174,000 after buying an additional 833 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Frontline by 71.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,999 shares of the shipping company’s stock worth $29,000 after buying an additional 836 shares in the last quarter. Finally, Credit Suisse AG grew its stake in shares of Frontline by 1.0% in the 4th quarter. Credit Suisse AG now owns 112,105 shares of the shipping company’s stock worth $1,361,000 after buying an additional 1,153 shares in the last quarter. 22.70% of the stock is currently owned by institutional investors.

Frontline Price Performance

FRO stock opened at $24.35 on Wednesday. Frontline plc has a 12 month low of $13.35 and a 12 month high of $25.14. The company has a current ratio of 1.78, a quick ratio of 1.79 and a debt-to-equity ratio of 1.40. The company has a 50-day moving average price of $23.30 and a 200 day moving average price of $21.82. The stock has a market cap of $5.42 billion, a PE ratio of 8.25 and a beta of 0.06.

Frontline (NYSE:FRO) last released its quarterly earnings results on Thursday, February 29th. The shipping company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.05). Frontline had a return on equity of 26.00% and a net margin of 35.95%. The firm had revenue of $415.00 million for the quarter, compared to analysts’ expectations of $280.36 million. During the same period in the prior year, the firm posted $0.97 earnings per share. Frontline’s revenue for the quarter was down 21.7% on a year-over-year basis. Equities research analysts anticipate that Frontline plc will post 3.01 earnings per share for the current year.

Frontline Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Friday, March 15th were issued a dividend of $0.37 per share. This is a positive change from Frontline’s previous quarterly dividend of $0.30. The ex-dividend date was Thursday, March 14th. This represents a $1.48 dividend on an annualized basis and a yield of 6.08%. Frontline’s dividend payout ratio (DPR) is presently 50.17%.

Analyst Upgrades and Downgrades

FRO has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft raised shares of Frontline from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $17.00 to $26.00 in a research note on Tuesday, January 9th. Jefferies Financial Group raised shares of Frontline from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $22.00 to $30.00 in a research note on Thursday, March 21st. Finally, JPMorgan Chase & Co. dropped their price target on shares of Frontline from $23.00 to $22.30 and set a “neutral” rating for the company in a research note on Friday, March 1st.

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.