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

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

A number of other large investors also recently modified their holdings of the stock. Millennium Management LLC boosted its holdings in Frontline by 102.7% during the 4th quarter. Millennium Management LLC now owns 4,483,826 shares of the shipping company’s stock worth $54,434,000 after acquiring an additional 2,271,724 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Frontline by 594.5% during the third quarter. Bank of New York Mellon Corp now owns 2,360,781 shares of the shipping company’s stock worth $25,804,000 after purchasing an additional 2,020,869 shares during the last quarter. UBS Group AG boosted its holdings in Frontline by 591.4% during the first quarter. UBS Group AG now owns 1,451,457 shares of the shipping company’s stock worth $24,036,000 after purchasing an additional 1,241,540 shares during the last quarter. Morgan Stanley increased its stake in Frontline by 124.7% in the 3rd quarter. Morgan Stanley now owns 2,190,522 shares of the shipping company’s stock valued at $41,138,000 after buying an additional 1,215,624 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in Frontline by 58.8% in the 1st quarter. Renaissance Technologies LLC now owns 2,780,284 shares of the shipping company’s stock valued at $45,987,000 after buying an additional 1,029,442 shares during the last quarter. Institutional investors own 22.70% of the company’s stock.

Frontline Stock Performance

NYSE:FRO opened at $23.10 on Friday. The company has a quick ratio of 1.79, a current ratio of 1.78 and a debt-to-equity ratio of 1.40. The business’s 50-day moving average price is $23.37 and its two-hundred day moving average price is $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 twelve month low of $13.35 and a twelve month high of $25.14.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Thursday, February 29th. The shipping company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.05). Frontline had a net margin of 35.95% and a return on equity of 26.00%. The business had revenue of $415.00 million for the quarter, compared to analysts’ expectations of $280.36 million. During the same quarter in the previous year, the company earned $0.97 earnings per share. The business’s quarterly revenue was down 21.7% on a year-over-year basis. As a group, equities analysts predict that Frontline plc will post 3.12 EPS for the current fiscal year.

Frontline Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 27th. Shareholders of record on Friday, March 15th were paid a $0.37 dividend. 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 yield of 6.41%. The ex-dividend date of this dividend was Thursday, March 14th. Frontline’s payout ratio is 50.17%.

Wall Street Analysts Forecast Growth

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

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.