Jump Financial LLC Takes Position in Frontline plc (NYSE:FRO)

by · The Markets Daily

Jump Financial LLC purchased a new position in Frontline plc (NYSE:FRO – Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 19,100 shares of the shipping company’s stock, valued at approximately $271,000.

Other institutional investors also recently bought and sold shares of the company. Jones Financial Companies Lllp bought a new stake in Frontline during the 4th quarter valued at $31,000. Golden State Wealth Management LLC purchased a new stake in shares of Frontline during the 4th quarter worth $84,000. National Bank of Canada FI boosted its position in Frontline by 331.8% during the fourth quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company’s stock valued at $87,000 after purchasing an additional 4,738 shares in the last quarter. Blue Trust Inc. grew its stake in Frontline by 84.4% in the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company’s stock valued at $127,000 after purchasing an additional 4,084 shares during the last quarter. Finally, Guggenheim Capital LLC purchased a new position in shares of Frontline in the 4th quarter worth approximately $203,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

Frontline Stock Performance

FRO opened at $16.57 on Friday. The firm’s 50-day moving average price is $15.45 and its 200-day moving average price is $16.84. The company has a market cap of $3.69 billion, a P/E ratio of 6.76 and a beta of 0.20. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. Frontline plc has a 52-week low of $12.40 and a 52-week high of $29.39.

Frontline (NYSE:FRO – Get Free Report) last issued its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.20. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The business had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. During the same quarter in the prior year, the business posted $0.46 EPS. Frontline’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities analysts anticipate that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.20 per share. The ex-dividend date was Friday, March 14th. This represents a $0.80 dividend on an annualized basis and a yield of 4.83%. Frontline’s dividend payout ratio is currently 36.04%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on FRO shares. Kepler Capital Markets set a $12.49 target price on shares of Frontline in a research report on Thursday, March 27th. Evercore ISI reduced their price target on Frontline from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 22nd. Two research analysts have rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Frontline has an average rating of “Moderate Buy” and an average price target of $20.62.

Check Out Our Latest Stock Analysis on FRO

About Frontline

(Free Report)

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.

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