Smead Capital Management Inc. Has $10 Million Stock Holdings in Frontline plc (NYSE:FRO)

Smead Capital Management Inc. increased its holdings in shares of Frontline plc (NYSE:FRO) by 2.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 500,827 shares of the shipping company’s stock after buying an additional 13,376 shares during the quarter. Frontline accounts for approximately 0.2% of Smead Capital Management Inc.’s holdings, making the stock its 28th biggest position. Smead Capital Management Inc. owned approximately 0.22% of Frontline worth $10,002,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Harbour Investments Inc. acquired a new position in shares of Frontline in the 1st quarter valued at about $26,000. State of Wyoming purchased a new position in shares of Frontline during the 4th quarter valued at $28,000. PNC Financial Services Group Inc. increased its stake in shares of Frontline by 71.9% in the second quarter. PNC Financial Services Group Inc. now owns 1,999 shares of the shipping company’s stock worth $29,000 after acquiring an additional 836 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Frontline during the second quarter worth $39,000. Finally, Quarry LP acquired a new stake in Frontline during the second quarter valued at $45,000. 22.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FRO has been the subject of a number of recent research reports. Jefferies Financial Group raised Frontline from a “hold” rating to a “buy” rating and raised their price target for the stock from $22.00 to $30.00 in a research note on Thursday, March 21st. Deutsche Bank Aktiengesellschaft raised shares of Frontline from a “hold” rating to a “buy” rating and boosted their target price for the stock from $17.00 to $26.00 in a research report on Tuesday, January 9th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Frontline from $23.00 to $22.30 and set a “neutral” rating for the company in a research note on Friday, March 1st.

Frontline Stock Performance

FRO traded down $1.19 on Thursday, hitting $22.85. The company had a trading volume of 1,472,367 shares, compared to its average volume of 2,196,061. Frontline plc has a 1-year low of $13.35 and a 1-year high of $25.14. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.78 and a quick ratio of 1.79. The company’s fifty day moving average price is $23.33 and its 200 day moving average price is $21.84. The stock has a market cap of $5.09 billion, a price-to-earnings ratio of 8.15 and a beta of 0.06.

Frontline (NYSE:FRO) last posted its earnings results on Thursday, February 29th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.05). The firm had revenue of $415.00 million during the quarter, compared to analyst estimates of $280.36 million. Frontline had a net margin of 35.95% and a return on equity of 26.00%. The business’s quarterly revenue was down 21.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.97 earnings per share. Equities analysts predict that Frontline plc will post 3.01 earnings per share for the current fiscal year.

Frontline Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Friday, March 15th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 6.48%. The ex-dividend date of this dividend was Thursday, March 14th. This is a boost from Frontline’s previous quarterly dividend of $0.30. Frontline’s payout ratio is currently 50.17%.

Frontline 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.