RMR Wealth Builders Buys 652 Shares of Frontline plc (NYSE:FRO)

RMR Wealth Builders boosted its stake in shares of Frontline plc (NYSE:FRO) by 4.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,612 shares of the shipping company’s stock after purchasing an additional 652 shares during the quarter. RMR Wealth Builders’ holdings in Frontline were worth $313,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Naples Money Management LLC bought a new stake in shares of Frontline in the fourth quarter valued at approximately $27,000. Russell Investments Group Ltd. raised its stake in shares of Frontline by 169.2% in the fourth quarter. Russell Investments Group Ltd. now owns 3,928 shares of the shipping company’s stock valued at $79,000 after purchasing an additional 2,469 shares in the last quarter. Emfo LLC acquired a new position in shares of Frontline in the fourth quarter valued at $80,000. Tucker Asset Management LLC raised its stake in shares of Frontline by 477.3% in the third quarter. Tucker Asset Management LLC now owns 4,301 shares of the shipping company’s stock valued at $81,000 after purchasing an additional 3,556 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new position in shares of Frontline in the third quarter valued at $190,000. Institutional investors own 22.70% of the company’s stock.

Frontline Price Performance

Shares of FRO stock traded up $0.43 during trading hours on Wednesday, reaching $25.31. 2,427,264 shares of the company were exchanged, compared to its average volume of 2,098,808. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.78 and a quick ratio of 1.45. The company has a market cap of $5.63 billion, a price-to-earnings ratio of 8.58 and a beta of 0.03. The stock’s fifty day moving average is $23.54 and its two-hundred day moving average is $22.27. Frontline plc has a fifty-two week low of $13.35 and a fifty-two week high of $25.39.

Frontline (NYSE:FRO) last issued its quarterly 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). The company had revenue of $415.00 million during the quarter, compared to analyst estimates of $280.36 million. Frontline had a net margin of 35.95% and a return on equity of 26.00%. The business’s revenue for the quarter was down 21.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.97 EPS. Sell-side analysts forecast that Frontline plc will post 3.03 earnings per share for the current fiscal year.

Frontline Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Friday, March 15th were issued a $0.37 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 5.85%. This is a positive change from Frontline’s previous quarterly dividend of $0.30. Frontline’s dividend payout ratio (DPR) is currently 50.17%.

Analysts Set New Price Targets

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

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.