Tidal Investments LLC Sells 6,266 Shares of Frontline plc (NYSE:FRO)

Tidal Investments LLC trimmed its holdings in shares of Frontline plc (NYSE:FRO) by 6.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 85,258 shares of the shipping company’s stock after selling 6,266 shares during the quarter. Tidal Investments LLC’s holdings in Frontline were worth $1,210,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. IHT Wealth Management LLC grew its holdings in shares of Frontline by 5.2% during the fourth quarter. IHT Wealth Management LLC now owns 16,542 shares of the shipping company’s stock worth $235,000 after purchasing an additional 819 shares in the last quarter. Swiss National Bank lifted its position in Frontline by 0.6% during the fourth quarter. Swiss National Bank now owns 286,612 shares of the shipping company’s stock valued at $3,953,000 after purchasing an additional 1,845 shares during the last quarter. Jones Financial Companies Lllp purchased a new position in Frontline in the 4th quarter worth approximately $31,000. Pictet Asset Management Holding SA increased its holdings 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 buying an additional 2,313 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Frontline by 0.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 530,046 shares of the shipping company’s stock valued at $7,526,000 after buying an additional 2,576 shares in the last quarter. 22.70% of the stock is currently owned by institutional investors.

Frontline Price Performance

FRO stock opened at $18.36 on Friday. The firm has a market cap of $4.09 billion, a P/E ratio of 7.49 and a beta of 0.24. The firm’s fifty day moving average is $16.05 and its 200 day moving average is $16.37. Frontline plc has a 52 week low of $12.40 and a 52 week high of $29.39. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Friday, May 23rd. The shipping company reported $0.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.18. The business had revenue of $427.87 million during the quarter, compared to analyst estimates of $252.26 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company’s revenue was down 26.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.62 earnings per share. Research analysts predict that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.20 per share. The ex-dividend date was Friday, March 14th. This represents a $0.80 annualized dividend and a yield of 4.36%. Frontline’s payout ratio is 36.04%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FRO. Kepler Capital Markets set a $12.49 target price on shares of Frontline in a research report on Thursday, March 27th. Evercore ISI cut their price objective on Frontline from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Tuesday, April 22nd. Two equities research analysts have rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.62.

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.