Paragon Capital Management Ltd Acquires Shares of 13,098 Frontline plc (NYSE:FRO)

Paragon Capital Management Ltd purchased a new position in Frontline plc (NYSE:FROFree Report) during the first quarter, HoldingsChannel.com reports. The fund purchased 13,098 shares of the shipping company’s stock, valued at approximately $306,000.

A number of other hedge funds have also recently made changes to their positions in FRO. M&G Investment Management Ltd. bought a new stake in shares of Frontline in the 4th quarter worth approximately $27,883,000. Forest Avenue Capital Management LP lifted its position in Frontline by 115.9% in the 4th quarter. Forest Avenue Capital Management LP now owns 1,057,691 shares of the shipping company’s stock valued at $21,207,000 after acquiring an additional 567,900 shares in the last quarter. Acadian Asset Management LLC lifted its position in Frontline by 6,022.8% in the 3rd quarter. Acadian Asset Management LLC now owns 502,682 shares of the shipping company’s stock valued at $9,427,000 after acquiring an additional 494,472 shares in the last quarter. Paradiem LLC bought a new position in Frontline in the 4th quarter valued at approximately $6,822,000. Finally, Rovida Advisors Inc. bought a new position in Frontline in the 4th quarter valued at approximately $4,260,000. 22.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Jefferies Financial Group reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Frontline in a research report on Thursday, May 30th. JPMorgan Chase & Co. lowered their price objective on Frontline from $23.00 to $22.30 and set a “neutral” rating on the stock in a research report on Friday, March 1st. Finally, StockNews.com cut Frontline from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st.

Get Our Latest Stock Analysis on Frontline

Frontline Price Performance

Frontline stock traded up $0.35 during mid-day trading on Friday, hitting $25.69. The stock had a trading volume of 1,819,104 shares, compared to its average volume of 1,371,817. The firm has a market capitalization of $5.72 billion, a P/E ratio of 8.98 and a beta of 0.03. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 1.59. The firm’s 50 day moving average is $25.79 and its 200 day moving average is $23.45. Frontline plc has a one year low of $13.35 and a one year high of $29.39.

Frontline (NYSE:FROGet Free Report) last released its quarterly earnings data on Thursday, May 30th. The shipping company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.24). Frontline had a net margin of 32.94% and a return on equity of 23.14%. The company had revenue of $578.40 million for the quarter, compared to the consensus estimate of $380.73 million. During the same period last year, the company earned $0.87 EPS. The firm’s revenue for the quarter was up 16.3% on a year-over-year basis. On average, sell-side analysts forecast that Frontline plc will post 3.43 earnings per share for the current fiscal year.

Frontline Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 9.65%. The ex-dividend date of this dividend is Friday, June 14th. This is an increase from Frontline’s previous quarterly dividend of $0.37. Frontline’s dividend payout ratio is 86.71%.

Frontline Company Profile

(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.

See Also

Want to see what other hedge funds are holding FRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Frontline plc (NYSE:FROFree Report).

Institutional Ownership by Quarter for Frontline (NYSE:FRO)

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