Guggenheim Capital LLC Buys Shares of 14,320 Frontline plc (NYSE:FRO)

Guggenheim Capital LLC purchased a new position in Frontline plc (NYSE:FRO) in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 14,320 shares of the shipping company’s stock, valued at approximately $203,000.

Other institutional investors also recently made changes to their positions in the company. Jones Financial Companies Lllp bought a new stake in shares of Frontline in the 4th quarter worth approximately $31,000. Golden State Wealth Management LLC purchased a new stake in Frontline in the 4th quarter worth approximately $84,000. National Bank of Canada FI lifted its position in Frontline by 331.8% in the 4th quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company’s stock worth $87,000 after buying an additional 4,738 shares in the last quarter. Blue Trust Inc. lifted its position 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 buying an additional 4,084 shares in the last quarter. Finally, Clear Harbor Asset Management LLC purchased a new stake in Frontline in the 4th quarter worth approximately $214,000. 22.70% of the stock is owned by institutional investors and hedge funds.

Frontline Price Performance

NYSE FRO opened at $16.30 on Tuesday. Frontline plc has a fifty-two week low of $12.40 and a fifty-two week high of $29.39. The stock’s 50-day moving average is $15.43 and its two-hundred day moving average is $16.73. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. The firm has a market cap of $3.63 billion, a P/E ratio of 6.65 and a beta of 0.20.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20. The business had revenue of $425.60 million for 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%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 earnings per share. On average, analysts anticipate that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.20 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.91%. Frontline’s payout ratio is presently 36.04%.

Wall Street Analyst Weigh In

FRO has been the subject of a number of research analyst reports. Kepler Capital Markets set a $12.49 target price on shares of Frontline in a research report on Thursday, March 27th. Evercore ISI lowered their target price on shares of Frontline from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Frontline currently has an average rating of “Moderate Buy” and a consensus target price of $20.62.

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.