Folketrygdfondet has recently announced that it has increased stake in Frontline Plc (NYSE:FRO) by 12.28%. After grabbing 10.56 million shares, the institutional investor is now in possession of 1.16 million shares of the Energy Company. The new investment brought the stake of investor firm to 4.75% having worth around $235.07 million. Moreover, Arrowstreet Capital LP increased its share by 6.31 million to have a control over 6.45 million shares. And Two Sigma Investments LP raised its holdings to 83993.0 shares by acquiring 3.53 million shares or 1.59% of the stake.
Frontline Plc (FRO) concluded trading on 12/06/23 at a closing price of $19.19, with 3.14 million shares of worth about $60.35 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 37.17% during that period and on Wednesday the price saw a loss of about -0.31%. Currently the company’s common shares owned by public are about 222.62M shares, out of which, 143.15M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 15 analysts are covering the FRO stock and their offered price forecasts bring an average price target of $25.66. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $32.22 and could fall to a lowest price of $17.00. The stock’s current price level is 25.21% above of average price target set by the analysts, while a rise to estimated low would result in loss of -12.88% for the stock. However, touching the estimated high of $32.22 would mean a gain of 40.44% for the stock.
DNB Norge Selektiv III, DNB Norge, and DnB Am Norske Aksjer are the top 3 mutual funds which are holding stakes in Frontline Plc DNB Norge Selektiv III is currently holding 1.48 million shares of worth totaling $32.92 million. The company recently came selling 44812.0 shares which brought its stake up to 0.67% of the company’s outstanding shares. DNB Norge bought 0.26 million shares, after which its hold over company’s outstanding shares expand to 0.60%, leaving 1.33 million shares with the mutual fund that have a worth of about $29.64 million. DnB Am Norske Aksjer, after buying 1.08 million shares, have now control over 0.49% of the stake in the company. It holds 0.0 shares of worth $24.13 million.
Frontline Plc (NYSE: FRO) started trading at $19.38, above $0.13 from concluding price of the previous day. Stock saw a price change of -9.40% in past 5 days and over the past one month there was a price change of -13.87%. Year-to-date (YTD), FRO shares are showing a performance of 58.07% which increased to 37.86% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $10.55 but also hit the highest price of $22.95 during that period. The average intraday trading volume for Frontline Plc shares is 2.99 million. The stock is currently trading -10.05% below its 20-day simple moving average (SMA20), while that difference is down -7.59% for SMA50 and it goes to 11.06% higher than SMA200.
Folketrygdfondet acquired 10.56 million shares of Frontline Plc having value of about $235.07 million. Data submitted at the U.S SEC by Folketrygdfondet revealed that the firm now holds 1.16 million shares in the company valued at close to $22171147.31, or have control over 12.28% stake in the company. Frontline Plc (NYSE: FRO) currently have 222.62M outstanding shares and institutions hold larger chunk of about 26.58% of that. Holding of mutual funds in the company is about 18.81% while other institutional holders and individual stake holders have control over 8.59% and — of the stake respectively.
The stock has a current market capitalization of $4.27B and its 3Y-monthly beta is at 0.11. PE ratio of stock for trailing 12 months is 16.37, while it has posted earnings per share of $1.17 in the same period. It has Quick Ratio of 1.79 while making debt-to-equity ratio of 1.01. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for FRO, volatility over the week remained 3.37% while standing at 2.64% over the month.
Analysts are in expectations that Frontline Plc (FRO) stock would likely to be making an EPS of $Frontline Plc in the current quarter, while forecast for next quarter EPS is $19.19 and it is $Stocks for next year. For the current quarter EPS, analysts have given the company a lowest target $JFrog Ltd. which is $Frontier Group Holdings, Inc. at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $Frontier Communications Parent, in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 37.67% while it is estimated to increase by 8.06% in next year.
Analysts at 15 brokerage firms have issued recommendations for the Frontline Plc (FRO)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.53. Out of those 15 Wall Street analysts, 11 recommended a “Buy” rating, while 4 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Deutsche Bank on August 25, 2023 offering a Hold rating for the stock and assigned a target price of $17 to it.
