Kovack Advisors Inc. Purchases Shares of 18,803 Frontline plc (NYSE:FRO)

Kovack Advisors Inc. purchased a new position in Frontline plc (NYSE:FRO) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 18,803 shares of the shipping company’s stock, valued at approximately $440,000.

A number of other large investors have also modified their holdings of the stock. RMR Wealth Builders grew its stake in Frontline by 4.4% during the 4th quarter. RMR Wealth Builders now owns 15,612 shares of the shipping company’s stock worth $313,000 after purchasing an additional 652 shares in the last quarter. SeaCrest Wealth Management LLC increased its stake in shares of Frontline by 2.4% during the fourth quarter. SeaCrest Wealth Management LLC now owns 51,585 shares of the shipping company’s stock worth $1,147,000 after buying an additional 1,200 shares during the period. Global Retirement Partners LLC raised its holdings in Frontline by 10.6% in the fourth quarter. Global Retirement Partners LLC now owns 12,773 shares of the shipping company’s stock valued at $284,000 after acquiring an additional 1,225 shares in the last quarter. ICA Group Wealth Management LLC acquired a new stake in Frontline in the fourth quarter valued at approximately $25,000. Finally, Naples Money Management LLC purchased a new stake in shares of Frontline in the 4th quarter valued at approximately $27,000. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on FRO shares. StockNews.com downgraded Frontline from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. Jefferies Financial Group reaffirmed a “buy” rating and set a $30.00 price target on shares of Frontline in a research report on Thursday, May 30th.

Frontline Stock Performance

Shares of NYSE:FRO traded down $0.10 on Thursday, reaching $25.21. The company’s stock had a trading volume of 647,259 shares, compared to its average volume of 1,231,948. The stock’s 50-day moving average is $26.15 and its two-hundred day moving average is $23.82. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.75 and a quick ratio of 1.75. The stock has a market capitalization of $5.61 billion, a P/E ratio of 8.81 and a beta of 0.03. Frontline plc has a 52-week low of $14.59 and a 52-week high of $29.39.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Thursday, May 30th. The shipping company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.24). The company had revenue of $578.40 million for the quarter, compared to analyst estimates of $380.73 million. Frontline had a return on equity of 23.14% and a net margin of 32.94%. Frontline’s revenue for the quarter was up 16.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.87 earnings per share. As a group, sell-side analysts forecast that Frontline plc will post 3.43 EPS for the current year.

Frontline Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 9.84%. This is a positive change from Frontline’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, June 14th. Frontline’s payout ratio is 86.71%.

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.