Fox Run Management L.L.C. Acquires New Holdings in Frontline plc (NYSE:FRO)

Fox Run Management L.L.C. bought a new position in shares of Frontline plc (NYSE:FRO) during the fourth quarter, Holdings Channel reports. The fund bought 24,014 shares of the shipping company’s stock, valued at approximately $341,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. IHT Wealth Management LLC increased its holdings in shares of Frontline by 3.5% in the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock worth $359,000 after purchasing an additional 535 shares during the period. Swiss National Bank grew its position in Frontline by 0.6% during the fourth quarter. Swiss National Bank now owns 286,612 shares of the shipping company’s stock worth $3,953,000 after buying an additional 1,845 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in Frontline during the fourth quarter worth about $31,000. Blue Trust Inc. increased its stake in Frontline by 84.4% in the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock worth $127,000 after acquiring an additional 4,084 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its holdings in shares of Frontline by 3.8% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 143,510 shares of the shipping company’s stock valued at $3,279,000 after acquiring an additional 5,200 shares in the last quarter. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Price Performance

FRO opened at $15.74 on Thursday. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The stock has a market capitalization of $3.50 billion, a P/E ratio of 6.42 and a beta of -0.04. The stock has a 50-day moving average price of $16.69 and a 200-day moving average price of $18.21. Frontline plc has a 12-month low of $13.17 and a 12-month high of $29.39.

Frontline (NYSE:FRO) last issued 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. The business had revenue of $425.60 million during the quarter, compared to analyst estimates of $273.16 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. Frontline’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.46 earnings per share. Equities analysts predict that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 5.08%. The ex-dividend date of this dividend is Friday, March 14th. Frontline’s payout ratio is presently 36.04%.

Wall Street Analyst Weigh In

FRO has been the subject of several recent analyst reports. Jefferies Financial Group cut their price objective 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 price target for the company. in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.