Y Intercept Hong Kong Ltd Sells 10,474 Shares of Frontline plc (NYSE:FRO)

Y Intercept Hong Kong Ltd lowered its stake in Frontline plc (NYSE:FRO) by 37.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,775 shares of the shipping company’s stock after selling 10,474 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Frontline were worth $406,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Private Advisor Group LLC increased its position in shares of Frontline by 4.8% during the 3rd quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company’s stock valued at $243,000 after purchasing an additional 490 shares during the last quarter. IHT Wealth Management LLC raised its stake in shares of Frontline by 3.5% in the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock valued at $359,000 after acquiring an additional 535 shares during the period. Summit Securities Group LLC lifted its holdings 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 worth $36,000 after acquiring an additional 600 shares during the last quarter. Cozad Asset Management Inc. boosted its stake in shares of Frontline by 6.4% during 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 grew its holdings in 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. 22.70% of the stock is owned by institutional investors.

Frontline Trading Down 2.7 %

FRO opened at $13.83 on Tuesday. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The firm has a market cap of $3.08 billion and a price-to-earnings ratio of 5.64. Frontline plc has a 12 month low of $13.68 and a 12 month high of $29.39. The stock has a fifty day moving average price of $19.09 and a 200-day moving average price of $22.39.

Frontline (NYSE:FRO) last released its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.05). Frontline had a net margin of 25.64% and a return on equity of 19.25%. During the same quarter in the previous year, the business earned $0.36 EPS. As a group, equities research analysts anticipate that Frontline plc will post 1.83 earnings per share 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 dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 9.84%. The ex-dividend date is Wednesday, December 11th. Frontline’s payout ratio is presently 55.51%.

Analysts Set New Price Targets

FRO has been the subject of several recent analyst reports. BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a research report on Monday, October 7th. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a research note on Friday, September 27th. StockNews.com raised shares of Frontline to a “sell” rating in a research note on Thursday, September 5th. Kepler Capital Markets lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective for the company. in a report on Thursday, December 12th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $26.00 target price on shares of Frontline in a research note on Wednesday, November 27th. One analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $25.36.

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.