Frontline plc (NYSE:FRO) Shares Bought by SeaCrest Wealth Management LLC

SeaCrest Wealth Management LLC grew its position in Frontline plc (NYSE:FRO) by 2.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 51,585 shares of the shipping company’s stock after purchasing an additional 1,200 shares during the period. SeaCrest Wealth Management LLC’s holdings in Frontline were worth $1,147,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Hexagon Capital Partners LLC increased its holdings in Frontline by 27.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,882 shares of the shipping company’s stock worth $54,000 after acquiring an additional 628 shares in the last quarter. RMR Wealth Builders raised its position in shares of Frontline by 4.7% during the 3rd quarter. RMR Wealth Builders now owns 14,960 shares of the shipping company’s stock worth $281,000 after purchasing an additional 677 shares during the last quarter. Sei Investments Co. lifted its stake in Frontline by 0.9% in the 4th quarter. Sei Investments Co. now owns 96,726 shares of the shipping company’s stock valued at $1,174,000 after buying an additional 833 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Frontline by 71.9% during the second quarter. PNC Financial Services Group Inc. now owns 1,999 shares of the shipping company’s stock valued at $29,000 after acquiring an additional 836 shares during the last quarter. Finally, Credit Suisse AG lifted its position in shares of Frontline by 1.0% in the fourth quarter. Credit Suisse AG now owns 112,105 shares of the shipping company’s stock valued at $1,361,000 after acquiring an additional 1,153 shares in the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on FRO. StockNews.com raised Frontline from a “sell” rating to a “hold” rating in a research note on Thursday, December 7th. Deutsche Bank Aktiengesellschaft upgraded shares of Frontline from a “hold” rating to a “buy” rating and increased their target price for the company from $17.00 to $26.00 in a research report on Tuesday, January 9th. JPMorgan Chase & Co. dropped their price objective on shares of Frontline from $23.00 to $22.30 and set a “neutral” rating for the company in a research note on Friday, March 1st. Finally, Jefferies Financial Group upgraded shares of Frontline from a “hold” rating to a “buy” rating and increased their price objective for the company from $22.00 to $30.00 in a report on Thursday, March 21st.

Frontline Trading Up 0.5 %

Shares of FRO stock traded up $0.11 on Thursday, hitting $23.39. 1,093,146 shares of the stock traded hands, compared to its average volume of 2,335,916. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.79 and a current ratio of 1.78. The firm’s 50-day moving average price is $22.79 and its two-hundred day moving average price is $21.17. Frontline plc has a twelve month low of $13.35 and a twelve month high of $24.53. The stock has a market capitalization of $5.21 billion, a PE ratio of 7.91 and a beta of 0.06.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Thursday, February 29th. The shipping company reported $0.46 earnings per share (EPS) 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 quarter in the prior year, the business earned $0.97 EPS. The firm’s quarterly revenue was down 21.7% on a year-over-year basis. As a group, analysts anticipate that Frontline plc will post 3.01 EPS for the current year.

Frontline Increases Dividend

The firm also recently declared 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 of this dividend was Thursday, March 14th. This is a boost from Frontline’s previous quarterly dividend of $0.30. This represents a $1.48 dividend on an annualized basis and a dividend yield of 6.33%. Frontline’s dividend payout ratio is currently 50.17%.

Frontline 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.