Point72 Europe London LLP Buys New Position in Frontline plc (NYSE:FRO)

Point72 Europe London LLP purchased a new position in shares of Frontline plc (NYSE:FRO) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 140,874 shares of the shipping company’s stock, valued at approximately $3,219,000.

A number of other hedge funds and other institutional investors have also modified their holdings of FRO. Godsey & Gibb Inc. purchased a new position in shares of Frontline during the third quarter valued at approximately $25,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Frontline during the 2nd quarter worth $31,000. Summit Securities Group LLC boosted its holdings in shares of Frontline by 75.0% during the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after purchasing an additional 600 shares during the last quarter. Blue Trust Inc. grew its position in shares of Frontline by 17,866.7% in the second quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock valued at $56,000 after purchasing an additional 2,144 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in Frontline by 4,965.6% in the second quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock valued at $116,000 after purchasing an additional 4,618 shares during the last quarter. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on FRO. BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a research note on Monday, October 7th. Fearnley Fonds upgraded shares of Frontline to a “strong-buy” rating in a report on Friday, September 27th. StockNews.com raised shares of Frontline to a “sell” rating in a research report on Thursday, September 5th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $26.00 price target on shares of Frontline in a report on Wednesday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $27.26.

Frontline Trading Down 3.6 %

NYSE FRO opened at $16.18 on Friday. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 1.38. Frontline plc has a one year low of $16.10 and a one year high of $29.39. The company’s 50 day moving average price is $21.03 and its 200 day moving average price is $23.53.

Frontline (NYSE:FRO) last posted its earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.03). Frontline had a net margin of 25.64% and a return on equity of 19.23%. The business had revenue of $409.72 million for the quarter, compared to analyst estimates of $383.88 million. During the same quarter in the previous year, the firm posted $0.94 EPS. As a group, equities research analysts forecast that Frontline plc will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th will be given a dividend of $0.34 per share. The ex-dividend date is Wednesday, December 11th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 8.41%. Frontline’s payout ratio is currently 101.22%.

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.