Frontline plc (NYSE:FRO) Position Trimmed by Csenge Advisory Group

Csenge Advisory Group lessened its stake in Frontline plc (NYSE:FRO) by 7.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 26,568 shares of the shipping company’s stock after selling 2,205 shares during the quarter. Csenge Advisory Group’s holdings in Frontline were worth $621,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of FRO. ICA Group Wealth Management LLC acquired a new stake in shares of Frontline in the 4th quarter valued at $25,000. Naples Money Management LLC acquired a new stake in shares of Frontline in the 4th quarter valued at $27,000. Russell Investments Group Ltd. lifted its stake in shares of Frontline by 169.2% in the 4th quarter. Russell Investments Group Ltd. now owns 3,928 shares of the shipping company’s stock valued at $79,000 after purchasing an additional 2,469 shares during the last quarter. Emfo LLC acquired a new stake in shares of Frontline in the 4th quarter valued at $80,000. Finally, Tucker Asset Management LLC lifted its stake in shares of Frontline by 477.3% in the 3rd 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 during the last quarter. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on FRO shares. Jefferies Financial Group reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Frontline in a research note on Thursday, May 30th. StockNews.com lowered shares of Frontline from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st.

Frontline Stock Performance

Shares of FRO traded down $0.15 during trading hours on Thursday, reaching $23.19. 1,165,409 shares of the company traded hands, compared to its average volume of 1,865,350. The stock’s fifty day moving average is $26.19 and its 200 day moving average is $23.93. The stock has a market cap of $5.16 billion, a P/E ratio of 8.16 and a beta of 0.03. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.75 and a current ratio of 1.75. Frontline plc has a 1-year low of $14.67 and a 1-year high of $29.39.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Thursday, May 30th. The shipping company reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.24). The company had revenue of $578.40 million for the quarter, compared to analyst estimates of $380.73 million. Frontline had a net margin of 32.94% and a return on equity of 23.14%. The firm’s quarterly revenue was up 16.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.87 EPS. Equities research analysts anticipate that Frontline plc will post 3.43 earnings per share for the current fiscal year.

Frontline Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a $0.62 dividend. The ex-dividend date was Friday, June 14th. This represents a $2.48 dividend on an annualized basis and a yield of 10.69%. This is a boost from Frontline’s previous quarterly dividend of $0.37. Frontline’s payout ratio is presently 86.71%.

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.