Mirabella Financial Services LLP Purchases Shares of 650,000 Frontline plc (NYSE:FRO)

Mirabella Financial Services LLP acquired a new position in shares of Frontline plc (NYSE:FRO) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 650,000 shares of the shipping company’s stock, valued at approximately $9,224,000. Frontline accounts for about 0.8% of Mirabella Financial Services LLP’s holdings, making the stock its 29th biggest position.

Several other hedge funds also recently modified their holdings of FRO. Charles Schwab Investment Management Inc. boosted its stake in Frontline by 65.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 71,972 shares of the shipping company’s stock worth $1,021,000 after acquiring an additional 28,478 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Frontline during the fourth quarter valued at about $341,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Frontline during the 4th quarter worth about $342,000. Private Advisor Group LLC grew its stake in shares of Frontline by 164.0% in the 4th quarter. Private Advisor Group LLC now owns 28,053 shares of the shipping company’s stock valued at $398,000 after buying an additional 17,428 shares during the period. Finally, Range Financial Group LLC acquired a new stake in shares of Frontline in the 4th quarter valued at about $579,000. Institutional investors own 22.70% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Kepler Capital Markets set a $12.49 price target on Frontline in a research note on Thursday, March 27th. Two research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.62.

Frontline Stock Performance

FRO opened at $15.43 on Friday. The company has a market cap of $3.43 billion, a price-to-earnings ratio of 6.30 and a beta of 0.20. The company’s fifty day moving average price is $15.65 and its two-hundred day moving average price is $17.16. Frontline plc has a 1-year low of $12.40 and a 1-year high of $29.39. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, meeting the consensus estimate of $0.20. The business had revenue of $425.60 million for the quarter, compared to analysts’ expectations of $273.16 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.46 EPS. On average, analysts expect that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 5.19%. Frontline’s payout ratio is 36.04%.

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.