Rovida Advisors Inc. Boosts Stock Position in Frontline plc (NYSE:FRO)

Rovida Advisors Inc. raised its stake in shares of Frontline plc (NYSE:FRO) by 60.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 160,000 shares of the shipping company’s stock after buying an additional 60,000 shares during the quarter. Frontline accounts for about 1.8% of Rovida Advisors Inc.’s holdings, making the stock its 12th biggest position. Rovida Advisors Inc.’s holdings in Frontline were worth $2,272,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Jones Financial Companies Lllp purchased a new position in shares of Frontline in the 4th quarter worth about $31,000. Golden State Wealth Management LLC purchased a new position in Frontline in the fourth quarter worth about $84,000. Blue Trust Inc. lifted its stake in shares of Frontline by 84.4% in the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock worth $127,000 after buying an additional 4,084 shares in the last quarter. Clear Harbor Asset Management LLC purchased a new stake in shares of Frontline during the fourth quarter valued at approximately $214,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Frontline during the fourth quarter valued at approximately $241,000. 22.70% of the stock is owned by institutional investors.

Frontline Price Performance

NYSE FRO opened at $16.05 on Wednesday. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. Frontline plc has a 1-year low of $13.17 and a 1-year high of $29.39. The stock has a market capitalization of $3.57 billion, a price-to-earnings ratio of 6.55 and a beta of -0.04. The business’s fifty day moving average price is $16.75 and its 200-day moving average price is $18.23.

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

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 4.98%. Frontline’s dividend payout ratio is currently 36.04%.

Analysts Set New Price Targets

Several analysts have commented on FRO shares. Jefferies Financial Group cut their target price on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, December 17th. Kepler Capital Markets cut Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective on the stock. in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Frontline currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.46.

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.