X Square Capital LLC Invests $1.26 Million in Frontline plc (NYSE:FRO)

X Square Capital LLC purchased a new stake in Frontline plc (NYSE:FRO) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 88,828 shares of the shipping company’s stock, valued at approximately $1,260,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jones Financial Companies Lllp acquired a new stake in shares of Frontline in the fourth quarter worth $31,000. Golden State Wealth Management LLC acquired a new stake in Frontline in the 4th quarter valued at $84,000. Blue Trust Inc. raised its position 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 period. Clear Harbor Asset Management LLC acquired a new position in shares of Frontline during the fourth quarter worth about $214,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Frontline in the fourth quarter worth about $241,000. 22.70% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Frontline Price Performance

Shares of NYSE FRO opened at $14.92 on Friday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The business has a 50 day moving average price of $16.64 and a two-hundred day moving average price of $18.19. The firm has a market cap of $3.32 billion, a PE ratio of 6.09 and a beta of -0.04. Frontline plc has a fifty-two week low of $13.17 and a fifty-two week high of $29.39.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The business had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. During the same period in the prior year, the company posted $0.46 EPS. The business’s revenue was up 2.6% compared to the same quarter last year. Sell-side analysts expect 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. Stockholders of record on Friday, March 14th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 5.36%. The ex-dividend date of this dividend is Friday, March 14th. Frontline’s dividend payout ratio (DPR) is presently 36.04%.

Frontline 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.