Larson Financial Group LLC Sells 4,006 Shares of Frontline plc (NYSE:FRO)

Larson Financial Group LLC lessened its position in shares of Frontline plc (NYSE:FRO) by 22.9% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 13,501 shares of the shipping company’s stock after selling 4,006 shares during the period. Larson Financial Group LLC’s holdings in Frontline were worth $271,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of FRO. Naples Money Management LLC bought a new position in Frontline during the fourth quarter worth $27,000. Hexagon Capital Partners LLC raised its stake in Frontline by 27.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,882 shares of the shipping company’s stock worth $54,000 after buying an additional 628 shares during the last quarter. National Bank of Canada FI raised its stake in Frontline by 672.8% during the third quarter. National Bank of Canada FI now owns 3,864 shares of the shipping company’s stock worth $69,000 after buying an additional 3,364 shares during the last quarter. Emfo LLC bought a new stake in Frontline in the fourth quarter valued at $80,000. Finally, Tucker Asset Management LLC increased its stake in Frontline by 477.3% in the third quarter. Tucker Asset Management LLC now owns 4,301 shares of the shipping company’s stock valued at $81,000 after purchasing an additional 3,556 shares in the last quarter. Institutional investors own 22.70% of the company’s stock.

Wall Street Analyst Weigh In

FRO has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft raised shares of Frontline from a “hold” rating to a “buy” rating and lifted their price target for the company from $17.00 to $26.00 in a research note on Tuesday, January 9th. JPMorgan Chase & Co. decreased their price target 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. Finally, Jefferies Financial Group raised shares of Frontline from a “hold” rating to a “buy” rating and lifted their price target for the company from $22.00 to $30.00 in a research note on Thursday, March 21st.

Frontline Stock Up 2.3 %

Shares of NYSE FRO opened at $23.42 on Wednesday. The stock has a market capitalization of $5.21 billion, a P/E ratio of 7.94 and a beta of 0.06. The company has a 50-day moving average price of $23.37 and a 200-day moving average price of $22.01. 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.

Frontline (NYSE:FRO) last issued its quarterly earnings data 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). Frontline had a net margin of 35.95% and a return on equity of 26.00%. The business had revenue of $415.00 million for the quarter, compared to analyst estimates of $280.36 million. During the same quarter in the prior year, the business earned $0.97 earnings per share. The firm’s quarterly revenue was down 21.7% compared to the same quarter last year. On average, equities research analysts forecast that Frontline plc will post 3.12 EPS for the current fiscal year.

Frontline Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Friday, March 15th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Thursday, March 14th. This is a boost from Frontline’s previous quarterly dividend of $0.30. This represents a $1.48 annualized dividend and a yield of 6.32%. Frontline’s payout ratio is 50.17%.

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.