Paradiem LLC Acquires Shares of 340,236 Frontline plc (NYSE:FRO)

Paradiem LLC acquired a new stake in shares of Frontline plc (NYSE:FRO) during the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 340,236 shares of the shipping company’s stock, valued at approximately $6,822,000. Frontline accounts for 1.9% of Paradiem LLC’s investment portfolio, making the stock its 26th biggest holding.

Several other hedge funds also recently bought and sold shares of the company. Fiera Capital Corp purchased a new stake in Frontline during the 3rd quarter valued at about $10,682,000. Acadian Asset Management LLC increased its holdings in shares of Frontline by 6,022.8% during the third quarter. Acadian Asset Management LLC now owns 502,682 shares of the shipping company’s stock valued at $9,427,000 after acquiring an additional 494,472 shares in the last quarter. Hsbc Holdings PLC raised its holdings in Frontline by 17.2% in the third quarter. Hsbc Holdings PLC now owns 1,114,841 shares of the shipping company’s stock worth $20,537,000 after buying an additional 163,804 shares during the last quarter. Glenorchy Capital Ltd bought a new position in Frontline in the 4th quarter valued at approximately $3,173,000. Finally, Canada Pension Plan Investment Board bought a new position in Frontline during the 3rd quarter valued at about $2,881,000. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Trading Up 1.5 %

Frontline stock traded up $0.36 during midday trading on Friday, hitting $23.80. 1,344,991 shares of the stock were exchanged, compared to its average volume of 1,596,304. The stock has a market capitalization of $5.30 billion, a price-to-earnings ratio of 8.07 and a beta of 0.06. Frontline plc has a fifty-two week low of $13.35 and a fifty-two week high of $25.14. The company has a current ratio of 1.78, a quick ratio of 1.79 and a debt-to-equity ratio of 1.40. The stock’s 50-day simple moving average is $23.35 and its 200 day simple moving average is $22.07.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Thursday, February 29th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.05). The business had revenue of $415.00 million for the quarter, compared to analyst estimates of $280.36 million. Frontline had a return on equity of 26.00% and a net margin of 35.95%. The firm’s revenue for the quarter was down 21.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.97 EPS. On average, equities analysts anticipate that Frontline plc will post 3.09 EPS for the current year.

Frontline Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Friday, March 15th were given a $0.37 dividend. 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 dividend on an annualized basis and a dividend yield of 6.22%. Frontline’s dividend payout ratio is 50.17%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. dropped their target price on shares of Frontline from $23.00 to $22.30 and set a “neutral” rating for the company in a report on Friday, March 1st. 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. Finally, Jefferies Financial Group upgraded shares of Frontline from a “hold” rating to a “buy” rating and boosted their target price for the stock from $22.00 to $30.00 in a report on Thursday, March 21st.

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.