Redhawk Wealth Advisors Inc. Purchases 1,608 Shares of Frontline plc (NYSE:FRO)

Redhawk Wealth Advisors Inc. lifted its position in Frontline plc (NYSE:FRO) by 6.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 25,675 shares of the shipping company’s stock after buying an additional 1,608 shares during the period. Redhawk Wealth Advisors Inc.’s holdings in Frontline were worth $587,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in FRO. Vanguard Group Inc. increased its holdings in Frontline by 5,319.5% in the 1st quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company’s stock worth $123,750,000 after buying an additional 5,195,312 shares in the last quarter. M&G Plc purchased a new position in shares of Frontline during the first quarter valued at approximately $25,074,000. Forest Avenue Capital Management LP boosted its holdings in Frontline by 12.7% in the second quarter. Forest Avenue Capital Management LP now owns 1,429,909 shares of the shipping company’s stock worth $36,834,000 after purchasing an additional 161,518 shares during the last quarter. Teachers Retirement System of The State of Kentucky purchased a new stake in Frontline in the fourth quarter worth approximately $2,811,000. Finally, Hsbc Holdings PLC grew its position in Frontline by 7.7% in the 2nd quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company’s stock worth $50,683,000 after purchasing an additional 138,011 shares during the period. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on FRO shares. Jefferies Financial Group restated a “buy” rating and issued a $30.00 price target on shares of Frontline in a research note on Friday, August 30th. Evercore ISI reduced their price target on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. StockNews.com raised shares of Frontline to a “sell” rating in a report on Thursday, September 5th. Fearnley Fonds upgraded shares of Frontline to a “strong-buy” rating in a research report on Friday, September 27th. Finally, BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a research report on Monday, October 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $28.06.

Frontline Stock Performance

FRO opened at $23.19 on Tuesday. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market capitalization of $5.16 billion, a price-to-earnings ratio of 8.11 and a beta of 0.04. The company has a fifty day moving average of $23.46 and a 200 day moving average of $24.51. Frontline plc has a fifty-two week low of $18.34 and a fifty-two week high of $29.39.

Frontline (NYSE:FRO) last issued its earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.03). Frontline had a return on equity of 19.73% and a net margin of 29.42%. The firm had revenue of $409.72 million during the quarter, compared to the consensus estimate of $383.88 million. During the same period last year, the firm posted $0.94 earnings per share. As a group, sell-side analysts forecast that Frontline plc will post 2.62 earnings per share for the current fiscal year.

Frontline Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 10.69%. The ex-dividend date of this dividend was Friday, September 13th. Frontline’s dividend payout ratio (DPR) is presently 86.71%.

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.