SeaCrest Wealth Management LLC Buys 1,200 Shares of Frontline plc (NYSE:FRO)

SeaCrest Wealth Management LLC boosted its stake in shares of Frontline plc (NYSE:FRO) by 2.4% in the fourth quarter, Holdings Channel reports. The firm owned 51,585 shares of the shipping company’s stock after acquiring an additional 1,200 shares during the period. SeaCrest Wealth Management LLC’s holdings in Frontline were worth $1,147,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Harbour Investments Inc. acquired a new stake in shares of Frontline in the first quarter valued at about $26,000. State of Wyoming acquired a new position in shares of Frontline during the fourth quarter worth approximately $28,000. PNC Financial Services Group Inc. lifted its holdings in shares of Frontline by 71.9% during the second 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 during the last quarter. Neo Ivy Capital Management bought a new stake in shares of Frontline in the second quarter valued at approximately $39,000. Finally, Quarry LP acquired a new stake in shares of Frontline in the second quarter worth $45,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on FRO shares. JPMorgan Chase & Co. decreased their price objective on Frontline from $23.00 to $22.30 and set a “neutral” rating on the stock in a report on Friday, March 1st. StockNews.com upgraded shares of Frontline from a “sell” rating to a “hold” rating in a research note on Thursday, December 7th. Jefferies Financial Group upgraded shares of Frontline from a “hold” rating to a “buy” rating and increased their price objective for the company from $22.00 to $30.00 in a research note on Thursday, March 21st. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Frontline from a “hold” rating to a “buy” rating and lifted their target price for the company from $17.00 to $26.00 in a research report on Tuesday, January 9th.

Frontline Price Performance

NYSE FRO traded up $0.11 during trading hours on Thursday, reaching $23.39. 1,093,146 shares of the company’s stock were exchanged, compared to its average volume of 2,335,916. The firm has a fifty day moving average of $22.79 and a 200-day moving average of $21.17. The company has a current ratio of 1.78, a quick ratio of 1.79 and a debt-to-equity ratio of 1.40. Frontline plc has a one year low of $13.35 and a one year high of $24.53. The stock has a market cap of $5.21 billion, a PE ratio of 7.91 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 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.05). The business had revenue of $415.00 million during the quarter, compared to the consensus estimate of $280.36 million. Frontline had a net margin of 35.95% and a return on equity of 26.00%. The business’s quarterly revenue was down 21.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.97 earnings per share. On average, equities research analysts predict that Frontline plc will post 3.01 earnings per share for the current fiscal year.

Frontline Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Friday, March 15th were paid a dividend of $0.37 per share. This is a boost from Frontline’s previous quarterly dividend of $0.30. This represents a $1.48 annualized dividend and a dividend yield of 6.33%. The ex-dividend date was Thursday, March 14th. Frontline’s dividend payout ratio is 50.17%.

Frontline Company 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.