Frontline plc (NYSE:FRO) Position Lifted by Hartree Partners LP

Hartree Partners LP raised its stake in Frontline plc (NYSE:FRO) by 482.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,061,000 shares of the shipping company’s stock after purchasing an additional 878,885 shares during the period. Frontline accounts for approximately 5.6% of Hartree Partners LP’s investment portfolio, making the stock its 5th largest holding. Hartree Partners LP owned about 0.48% of Frontline worth $15,047,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FRO. Jones Financial Companies Lllp purchased a new position in Frontline in the fourth quarter worth $31,000. Golden State Wealth Management LLC acquired a new stake in Frontline in the fourth quarter worth about $84,000. Blue Trust Inc. grew its stake in shares of Frontline by 84.4% during the fourth 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. Clear Harbor Asset Management LLC purchased a new stake in shares of Frontline during the fourth quarter worth about $214,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Frontline during the fourth quarter valued at about $241,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on FRO shares. Jefferies Financial Group dropped their price objective on shares of Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. Kepler Capital Markets lowered Frontline from a “hold” rating to a “strong sell” rating in a research report on Thursday. Two research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.46.

Frontline Stock Performance

Shares of FRO stock opened at $14.95 on Friday. The stock has a market cap of $3.33 billion, a PE ratio of 6.10 and a beta of -0.04. Frontline plc has a 52-week low of $13.17 and a 52-week high of $29.39. The business has a 50-day simple moving average of $16.59 and a 200-day simple moving average of $18.12. 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 (NYSE:FRO) last released its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, hitting the consensus estimate 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 business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.46 EPS. On average, equities analysts expect that Frontline plc will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 5.35%. The ex-dividend date is Friday, March 14th. Frontline’s dividend payout ratio is currently 36.04%.

About Frontline

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.