Frontline plc (NYSE:FRO) Shares Sold by TrueMark Investments LLC

TrueMark Investments LLC decreased its position in Frontline plc (NYSE:FRO) by 48.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,936 shares of the shipping company’s stock after selling 34,448 shares during the quarter. TrueMark Investments LLC’s holdings in Frontline were worth $510,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp acquired a new stake in shares of Frontline in the 4th quarter valued at $31,000. Golden State Wealth Management LLC acquired a new stake in Frontline in the fourth quarter valued at $84,000. Blue Trust Inc. lifted its holdings in Frontline by 84.4% during the 4th 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 during the last quarter. Clear Harbor Asset Management LLC acquired a new position in shares of Frontline during the 4th quarter worth about $214,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Frontline in the 4th quarter valued at about $241,000. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Trading Down 1.5 %

FRO opened at $16.05 on Wednesday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. Frontline plc has a 52 week low of $13.17 and a 52 week high of $29.39. The business’s 50 day moving average is $16.75 and its two-hundred day moving average is $18.23. The firm has a market cap of $3.57 billion, a price-to-earnings ratio of 6.55 and a beta of -0.04.

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

Frontline Cuts Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Jefferies Financial Group lowered their price target on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Kepler Capital Markets cut shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price for the company. in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.46.

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.