Quantbot Technologies LP Decreases Stock Position in Frontline plc (NYSE:FRO)

Quantbot Technologies LP trimmed its holdings in shares of Frontline plc (NYSE:FRO) by 27.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 76,747 shares of the shipping company’s stock after selling 29,268 shares during the period. Quantbot Technologies LP’s holdings in Frontline were worth $1,089,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Jones Financial Companies Lllp purchased a new stake in shares of Frontline during the fourth quarter valued at $31,000. Golden State Wealth Management LLC purchased a new stake in shares of Frontline during the 4th quarter valued at about $84,000. Blue Trust Inc. boosted its holdings in shares of Frontline by 84.4% during the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock valued at $127,000 after acquiring an additional 4,084 shares during the last quarter. Vestcor Inc purchased a new position in shares of Frontline during the third quarter valued at approximately $255,000. Finally, Clear Harbor Asset Management LLC bought a new position in Frontline during the fourth quarter valued at approximately $214,000. Institutional investors own 22.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FRO. Kepler Capital Markets downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price for the company. in a research report on Thursday, December 12th. Jefferies Financial Group cut their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. One analyst has rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $24.46.

Frontline Stock Down 1.5 %

FRO opened at $16.05 on Wednesday. Frontline plc has a 1-year low of $13.17 and a 1-year high of $29.39. The firm’s 50 day simple moving average is $16.75 and its two-hundred day simple moving average is $18.23. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The company has a market capitalization of $3.57 billion, a PE ratio of 6.55 and a beta of -0.04.

Frontline (NYSE:FRO) last released its earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, meeting the consensus estimate of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The company had revenue of $425.60 million for the quarter, compared to the consensus estimate of $273.16 million. During the same period in the previous year, the business earned $0.46 earnings per share. Frontline’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, equities analysts forecast that Frontline plc will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.98%. The ex-dividend date is Friday, March 14th. Frontline’s payout ratio is 36.04%.

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.