Naples Money Management LLC Makes New $27,000 Investment in Frontline plc (NYSE:FRO)

Naples Money Management LLC acquired a new position in shares of Frontline plc (NYSE:FRO) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,328 shares of the shipping company’s stock, valued at approximately $27,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Harbour Investments Inc. acquired a new position in shares of Frontline during the 1st quarter worth approximately $26,000. State of Wyoming acquired a new position in Frontline during the fourth quarter worth $28,000. PNC Financial Services Group Inc. raised its position in Frontline by 71.9% during the second quarter. PNC Financial Services Group Inc. now owns 1,999 shares of the shipping company’s stock worth $29,000 after acquiring an additional 836 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in Frontline in the second quarter valued at $39,000. Finally, Quarry LP bought a new position in shares of Frontline in the 2nd quarter valued at about $45,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on FRO. Deutsche Bank Aktiengesellschaft upgraded shares of Frontline from a “hold” rating to a “buy” rating and raised their target price for the company from $17.00 to $26.00 in a research note on Tuesday, January 9th. Jefferies Financial Group upgraded Frontline from a “hold” rating to a “buy” rating and increased their price target for the company from $22.00 to $30.00 in a research note on Thursday, March 21st. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Frontline from $23.00 to $22.30 and set a “neutral” rating for the company in a research report on Friday, March 1st.

Frontline Stock Performance

NYSE:FRO opened at $23.10 on Friday. The stock has a 50 day simple moving average of $23.37 and a 200 day simple moving average of $21.88. The stock has a market cap of $5.14 billion, a P/E ratio of 7.83 and a beta of 0.06. Frontline plc has a 1-year low of $13.35 and a 1-year 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.

Frontline (NYSE:FRO) last posted its earnings results on Thursday, February 29th. The shipping company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.05). Frontline had a return on equity of 26.00% and a net margin of 35.95%. The firm had revenue of $415.00 million for the quarter, compared to analyst estimates of $280.36 million. During the same period in the prior year, the business posted $0.97 EPS. The firm’s quarterly revenue was down 21.7% compared to the same quarter last year. Research analysts anticipate that Frontline plc will post 3.12 earnings per share for the current year.

Frontline Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Friday, March 15th were issued a dividend of $0.37 per share. The ex-dividend date was Thursday, March 14th. This is a boost from Frontline’s previous quarterly dividend of $0.30. This represents a $1.48 annualized dividend and a dividend yield of 6.41%. Frontline’s dividend payout ratio (DPR) is currently 50.17%.

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.