Golden State Wealth Management LLC Invests $84,000 in Frontline plc (NYSE:FRO)

Golden State Wealth Management LLC acquired a new stake in Frontline plc (NYSE:FRO) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 5,900 shares of the shipping company’s stock, valued at approximately $84,000.

Several other large investors have also recently added to or reduced their stakes in FRO. Sanctuary Advisors LLC acquired a new position in shares of Frontline in the second quarter worth $548,000. SG Americas Securities LLC purchased a new position in Frontline in the third quarter valued at $305,000. Redhawk Wealth Advisors Inc. grew its stake in Frontline by 6.7% during the 3rd quarter. Redhawk Wealth Advisors Inc. now owns 25,675 shares of the shipping company’s stock worth $587,000 after purchasing an additional 1,608 shares in the last quarter. Creative Planning purchased a new stake in Frontline during the 3rd quarter worth about $590,000. Finally, SeaCrest Wealth Management LLC raised its position in Frontline by 11.3% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 49,175 shares of the shipping company’s stock valued at $1,124,000 after purchasing an additional 5,000 shares in the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FRO has been the subject of a number of analyst reports. Kepler Capital Markets downgraded Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective for the company. in a research report on Thursday, December 12th. Jefferies Financial Group lowered their price target on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Frontline currently has a consensus rating of “Moderate Buy” and an average target price of $24.03.

Frontline Stock Performance

Shares of Frontline stock opened at $17.83 on Monday. The firm has a market capitalization of $3.97 billion and a P/E ratio of 7.28. 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 plc has a 52 week low of $13.17 and a 52 week high of $29.39. The firm’s 50 day moving average is $15.80 and its two-hundred day moving average is $19.86.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same quarter last year, the business earned $0.36 EPS. Research analysts forecast that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th were given a $0.34 dividend. The ex-dividend date was Wednesday, December 11th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 7.63%. Frontline’s dividend payout ratio (DPR) is presently 55.51%.

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.