Olympiad Research LP lifted its position in shares of Frontline plc (NYSE:FRO – Free Report) by 117.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,436 shares of the shipping company’s stock after buying an additional 9,949 shares during the period. Olympiad Research LP’s holdings in Frontline were worth $421,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also made changes to their positions in FRO. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Frontline during the 1st quarter worth about $1,452,000. Quantbot Technologies LP lifted its stake in Frontline by 184.8% in the first quarter. Quantbot Technologies LP now owns 95,861 shares of the shipping company’s stock worth $2,241,000 after acquiring an additional 62,206 shares during the last quarter. Significant Wealth Partners LLC lifted its stake in Frontline by 569.6% in the first quarter. Significant Wealth Partners LLC now owns 154,545 shares of the shipping company’s stock worth $3,613,000 after acquiring an additional 131,466 shares during the last quarter. Avantax Advisory Services Inc. acquired a new position in Frontline during the 1st quarter worth approximately $224,000. Finally, State Board of Administration of Florida Retirement System purchased a new stake in shares of Frontline in the 1st quarter valued at approximately $865,000. Institutional investors and hedge funds own 22.70% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group reaffirmed a “buy” rating and set a $30.00 price objective on shares of Frontline in a research report on Friday, August 30th. StockNews.com raised Frontline to a “sell” rating in a report on Thursday, September 5th. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a research note on Monday, October 7th. Evercore ISI lowered their target price on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Finally, Fearnley Fonds raised Frontline to a “strong-buy” rating in a report on Friday, September 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has given 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 target price of $28.06.
Frontline Price Performance
Frontline stock opened at $19.25 on Thursday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40. The firm’s 50-day simple moving average is $22.27 and its 200 day simple moving average is $24.10. Frontline plc has a 52 week low of $18.34 and a 52 week high of $29.39.
Frontline (NYSE:FRO – Get Free Report) last issued its quarterly earnings data on Friday, August 30th. The shipping company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). Frontline had a return on equity of 19.73% and a net margin of 29.42%. The business had revenue of $409.72 million for the quarter, compared to analysts’ expectations of $383.88 million. During the same period last year, the business earned $0.94 earnings per share. On average, equities analysts predict that Frontline plc will post 2.38 EPS for the current year.
Frontline Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 12.88%. The ex-dividend date of this dividend was Friday, September 13th. Frontline’s payout ratio is 93.23%.
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.
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