Summit Financial LLC Purchases Shares of 145,142 Frontline plc (NYSE:FRO)

Summit Financial LLC purchased a new stake in shares of Frontline plc (NYSE:FRO) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 145,142 shares of the shipping company’s stock, valued at approximately $2,060,000. Summit Financial LLC owned 0.07% of Frontline as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Hartree Partners LP grew its holdings in Frontline by 482.6% during the fourth quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company’s stock worth $15,047,000 after acquiring an additional 878,885 shares during the period. Pictet Asset Management Holding SA grew its stake in shares of Frontline by 13.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 19,900 shares of the shipping company’s stock worth $274,000 after purchasing an additional 2,313 shares during the last quarter. X Square Capital LLC bought a new stake in shares of Frontline in the 4th quarter worth approximately $1,260,000. Rovida Advisors Inc. lifted its stake in Frontline by 60.0% during the fourth quarter. Rovida Advisors Inc. now owns 160,000 shares of the shipping company’s stock valued at $2,272,000 after purchasing an additional 60,000 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Frontline by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 5,493,085 shares of the shipping company’s stock worth $75,502,000 after buying an additional 51,073 shares during the last quarter. Institutional investors own 22.70% of the company’s stock.

Wall Street Analyst Weigh In

FRO has been the topic of several research reports. Jefferies Financial Group dropped their price target on 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 downgraded Frontline from a “hold” rating to a “strong sell” rating in a report on Thursday, March 27th. Two analysts have rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.46.

Frontline Price Performance

FRO opened at $14.87 on Tuesday. Frontline plc has a 12-month low of $13.17 and a 12-month high of $29.39. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The firm has a market capitalization of $3.31 billion, a P/E ratio of 6.07 and a beta of -0.04. The stock has a fifty day moving average of $16.54 and a 200-day moving average of $18.03.

Frontline (NYSE:FRO) last announced 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 firm 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%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the company posted $0.46 EPS. Equities analysts forecast that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders 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 annualized dividend and a yield of 5.38%. Frontline’s dividend payout ratio is presently 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.