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 $210.03 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 12/21/23 at a closing price of $20.86, with 2.2 million shares of worth about $45.8 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 45.37% during that period and on Thursday the price saw a gain of about 2.81%. 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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DNB Norge Selektiv III, Alfred Berg Gambak, 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 1.14 million shares of worth totaling $22.66 million. The company recently came selling -0.34 million shares which brought its stake up to 0.51% of the company’s outstanding shares. DnB Am Norske Aksjer, after selling 0.99 million shares, have now control over 0.44% of the stake in the company. It holds 95815.0 shares of worth $19.66 million.
Frontline Plc (NYSE: FRO) started trading at $20.55, above $0.26 from concluding price of the previous day. However, the stock later moved at a day high price of 20.92, or with a gain of 2.81%. Stock saw a price change of 10.60% in past 5 days and over the past one month there was a price change of -5.74%. Year-to-date (YTD), FRO shares are showing a performance of 71.83% which increased to 59.24% 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 3.10 million. The stock is currently trading 3.49% above its 20-day simple moving average (SMA20), while that difference is down -0.64% for SMA50 and it goes to 20.21% higher than SMA200.
Folketrygdfondet acquired 10.56 million shares of Frontline Plc having value of about $210.03 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 $24100580.14, 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 26.61% of that. Holding of mutual funds in the company is about 19.38% while other institutional holders and individual stake holders have control over 8.07% and — of the stake respectively.
The stock has a current market capitalization of $4.64B and its 3Y-monthly beta is at 0.10. PE ratio of stock for trailing 12 months is 17.80, 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 4.01% while standing at 3.01% over the month.
Analysts are in expectations that Frontline Plc (FRO) stock would likely to be making an EPS of $0.48 in the current quarter, while forecast for next quarter EPS is $0.68 and it is $3.53 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.36 which is $0.57 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 $0.97 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 36.84% while it is estimated to increase by 7.70% 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.
