Clear Harbor Asset Management LLC Acquires Shares of 15,100 Frontline plc (NYSE:FRO)

Clear Harbor Asset Management LLC bought a new stake in Frontline plc (NYSE:FRO) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 15,100 shares of the shipping company’s stock, valued at approximately $214,000.

A number of other institutional investors have also modified their holdings of FRO. M&G PLC lifted its holdings in shares of Frontline by 27.2% during the third quarter. M&G PLC now owns 1,110,763 shares of the shipping company’s stock worth $25,164,000 after purchasing an additional 237,446 shares during the period. Smead Capital Management Inc. lifted its stake in shares of Frontline by 5.1% in the 3rd quarter. Smead Capital Management Inc. now owns 670,581 shares of the shipping company’s stock worth $15,188,000 after acquiring an additional 32,531 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Frontline by 1,326.2% in the third quarter. The Manufacturers Life Insurance Company now owns 527,470 shares of the shipping company’s stock valued at $12,053,000 after acquiring an additional 490,486 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Frontline by 3.8% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 143,510 shares of the shipping company’s stock valued at $3,279,000 after acquiring an additional 5,200 shares in the last quarter. Finally, Point72 Europe London LLP acquired a new position in shares of Frontline during the third quarter worth about $3,219,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Stock Up 1.5 %

FRO opened at $16.65 on Thursday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. The company has a market cap of $3.71 billion, a price-to-earnings ratio of 6.80 and a beta of 0.01. Frontline plc has a one year low of $13.17 and a one year high of $29.39. The business’s fifty day moving average is $16.17 and its two-hundred day moving average is $20.45.

Frontline (NYSE:FRO) last released its quarterly earnings data on Wednesday, November 27th. The shipping company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same quarter in the previous year, the business earned $0.36 earnings per share. Analysts anticipate that Frontline plc will post 1.83 EPS for the current fiscal year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th were given a $0.34 dividend. The ex-dividend date was Wednesday, December 11th. This represents a $1.36 annualized dividend and a dividend yield of 8.17%. Frontline’s dividend payout ratio is presently 55.51%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FRO. Kepler Capital Markets lowered Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective on the stock. in a report on Thursday, December 12th. Jefferies Financial Group dropped their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a report on Monday, October 7th. Finally, Fearnley Fonds raised shares of Frontline to a “strong-buy” rating in a research note on Friday, September 27th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.03.

Frontline Company 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.