XTX Topco Ltd Sells 7,268 Shares of Frontline plc (NYSE:FRO)

XTX Topco Ltd cut its position in shares of Frontline plc (NYSE:FRO) by 25.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,442 shares of the shipping company’s stock after selling 7,268 shares during the period. XTX Topco Ltd’s holdings in Frontline were worth $490,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Private Advisor Group LLC increased its holdings in shares of Frontline by 4.8% in the 3rd quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company’s stock worth $243,000 after buying an additional 490 shares during the last quarter. IHT Wealth Management LLC raised its position in Frontline by 3.5% during the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock valued at $359,000 after purchasing an additional 535 shares during the period. Summit Securities Group LLC lifted its stake in shares of Frontline by 75.0% in the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after purchasing an additional 600 shares during the last quarter. Cozad Asset Management Inc. boosted its holdings in shares of Frontline by 6.4% in the 2nd quarter. Cozad Asset Management Inc. now owns 12,976 shares of the shipping company’s stock worth $334,000 after purchasing an additional 785 shares during the period. Finally, TD Asset Management Inc increased its position in shares of Frontline by 9.7% during the 2nd quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company’s stock valued at $258,000 after purchasing an additional 871 shares during the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Analysts Set New Price Targets

FRO has been the subject of a number of analyst reports. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a research report on Friday, September 27th. Kepler Capital Markets downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target on the stock. in a report on Thursday. StockNews.com raised shares of Frontline to a “sell” rating in a research report on Thursday, September 5th. Jefferies Financial Group restated a “buy” rating and set a $26.00 target price on shares of Frontline in a research report on Wednesday, November 27th. Finally, BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $25.36.

Frontline Trading Up 3.5 %

Shares of NYSE FRO opened at $14.21 on Friday. Frontline plc has a 52-week low of $13.71 and a 52-week high of $29.39. The stock has a 50 day moving average price of $19.32 and a 200 day moving average price of $22.53. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same period in the prior year, the company posted $0.36 EPS. As a group, equities analysts forecast that Frontline plc will post 1.83 EPS for the current fiscal year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th will be given a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.36 annualized dividend and a dividend yield of 9.57%. Frontline’s payout ratio is presently 55.51%.

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.