158,257 Shares in Frontline plc (NYSE:FRO) Acquired by Glenorchy Capital Ltd

Glenorchy Capital Ltd bought a new position in Frontline plc (NYSE:FRO) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 158,257 shares of the shipping company’s stock, valued at approximately $3,173,000. Frontline comprises approximately 1.2% of Glenorchy Capital Ltd’s portfolio, making the stock its 8th largest position. Glenorchy Capital Ltd owned approximately 0.07% of Frontline as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of FRO. Hexagon Capital Partners LLC lifted its position in Frontline by 27.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,882 shares of the shipping company’s stock valued at $54,000 after buying an additional 628 shares in the last quarter. RMR Wealth Builders lifted its position in Frontline by 4.7% during the third quarter. RMR Wealth Builders now owns 14,960 shares of the shipping company’s stock valued at $281,000 after buying an additional 677 shares in the last quarter. SeaCrest Wealth Management LLC lifted its position in Frontline by 2.4% during the fourth quarter. SeaCrest Wealth Management LLC now owns 51,585 shares of the shipping company’s stock valued at $1,147,000 after buying an additional 1,200 shares in the last quarter. Global Retirement Partners LLC lifted its position in Frontline by 10.6% during the fourth quarter. Global Retirement Partners LLC now owns 12,773 shares of the shipping company’s stock valued at $284,000 after buying an additional 1,225 shares in the last quarter. Finally, Naples Money Management LLC acquired a new position in Frontline during the fourth quarter valued at approximately $27,000. 22.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on FRO shares. Deutsche Bank Aktiengesellschaft raised shares of Frontline from a “hold” rating to a “buy” rating and boosted their target price for the stock from $17.00 to $26.00 in a research report on Tuesday, January 9th. Jefferies Financial Group raised shares of Frontline from a “hold” rating to a “buy” rating and boosted their target price for the stock from $22.00 to $30.00 in a research report on Thursday, March 21st. Finally, JPMorgan Chase & Co. reduced their target price on shares of Frontline from $23.00 to $22.30 and set a “neutral” rating on the stock in a research report on Friday, March 1st.

Frontline Stock Performance

Shares of FRO traded up $0.52 during midday trading on Tuesday, hitting $23.42. 896,424 shares of the stock traded hands, compared to its average volume of 2,169,175. Frontline plc has a 1-year low of $13.35 and a 1-year high of $25.14. The firm has a market capitalization of $5.21 billion, a PE ratio of 7.94 and a beta of 0.06. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.79 and a current ratio of 1.78. The business’s 50 day moving average price is $23.37 and its two-hundred day moving average price is $22.01.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Thursday, February 29th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.05). The firm had revenue of $415.00 million for the quarter, compared to analyst estimates of $280.36 million. Frontline had a net margin of 35.95% and a return on equity of 26.00%. The business’s revenue was down 21.7% compared to the same quarter last year. During the same period last year, the firm posted $0.97 EPS. Equities research analysts predict that Frontline plc will post 3.12 EPS for the current fiscal 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 $0.37 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.48 annualized dividend and a yield of 6.32%. This is an increase from Frontline’s previous quarterly dividend of $0.30. Frontline’s dividend payout ratio is presently 50.17%.

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.