Csenge Advisory Group Boosts Stock Position in Frontline plc (NYSE:FRO)

Csenge Advisory Group grew its holdings in shares of Frontline plc (NYSE:FRO) by 18.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,550 shares of the shipping company’s stock after purchasing an additional 4,982 shares during the quarter. Csenge Advisory Group’s holdings in Frontline were worth $813,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. DekaBank Deutsche Girozentrale grew its position in Frontline by 24.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 110,055 shares of the shipping company’s stock valued at $2,495,000 after buying an additional 21,500 shares during the period. Cetera Advisors LLC grew its position in shares of Frontline by 40.1% during the 1st quarter. Cetera Advisors LLC now owns 14,634 shares of the shipping company’s stock valued at $342,000 after acquiring an additional 4,187 shares during the period. Virtu Financial LLC purchased a new stake in shares of Frontline during the 1st quarter worth approximately $690,000. Tidal Investments LLC increased its stake in shares of Frontline by 12.9% during the 1st quarter. Tidal Investments LLC now owns 113,332 shares of the shipping company’s stock worth $2,650,000 after purchasing an additional 12,992 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. raised its holdings in shares of Frontline by 15.4% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 21,820 shares of the shipping company’s stock worth $510,000 after purchasing an additional 2,905 shares during the period. 22.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FRO. Evercore ISI reduced their price objective on Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Jefferies Financial Group reissued a “buy” rating and issued a $30.00 price objective on shares of Frontline in a report on Thursday, May 30th. Finally, StockNews.com cut Frontline from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Frontline currently has an average rating of “Hold” and a consensus price target of $27.58.

Frontline Price Performance

Frontline stock opened at $23.11 on Friday. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.75 and a quick ratio of 1.75. Frontline plc has a one year low of $15.94 and a one year high of $29.39. The firm has a market capitalization of $5.14 billion, a P/E ratio of 8.08 and a beta of 0.03. The business has a fifty day moving average price of $24.83 and a 200-day moving average price of $24.27.

Frontline (NYSE:FRO) last issued its earnings results on Thursday, May 30th. The shipping company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.24). Frontline had a return on equity of 23.14% and a net margin of 32.94%. The company had revenue of $578.40 million during the quarter, compared to the consensus estimate of $380.73 million. During the same quarter in the prior year, the business earned $0.87 EPS. The firm’s revenue for the quarter was up 16.3% compared to the same quarter last year. As a group, equities research analysts forecast that Frontline plc will post 3.06 EPS for the current year.

Frontline Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 10.73%. The ex-dividend date was Friday, June 14th. This is a positive change from Frontline’s previous quarterly dividend of $0.37. Frontline’s dividend payout ratio is 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.