X Square Capital LLC Acquires New Shares in Frontline plc (NYSE:FRO)

X Square Capital LLC bought a new position in Frontline plc (NYSE:FRO) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 88,828 shares of the shipping company’s stock, valued at approximately $1,260,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. acquired a new stake in shares of Frontline in the 4th quarter worth about $341,000. Private Advisor Group LLC grew its position in Frontline by 164.0% in the 4th quarter. Private Advisor Group LLC now owns 28,053 shares of the shipping company’s stock worth $398,000 after purchasing an additional 17,428 shares during the last quarter. Range Financial Group LLC acquired a new stake in shares of Frontline in the fourth quarter valued at approximately $579,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Frontline by 102.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 43,494 shares of the shipping company’s stock valued at $994,000 after buying an additional 22,022 shares during the last quarter. Finally, Clear Harbor Asset Management LLC acquired a new position in shares of Frontline during the fourth quarter worth approximately $214,000. 22.70% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Kepler Capital Markets cut Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price on the stock. in a research report on Thursday, December 12th. Jefferies Financial Group lowered their price target on Frontline from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.46.

Frontline Price Performance

Shares of NYSE:FRO opened at $14.92 on Friday. The stock has a market cap of $3.32 billion, a price-to-earnings ratio of 6.09 and a beta of -0.04. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. Frontline plc has a 12 month low of $13.17 and a 12 month high of $29.39. The stock’s 50 day moving average price is $16.64 and its 200 day moving average price is $18.19.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The company had revenue of $425.60 million for the quarter, compared to the consensus estimate of $273.16 million. During the same quarter in the previous year, the business earned $0.46 EPS. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. Equities research analysts anticipate that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 5.36%. The ex-dividend date is Friday, March 14th. Frontline’s payout ratio is 36.04%.

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.