GSA Capital Partners LLP Makes New $3.54 Million Investment in Frontline PLC $FRO

GSA Capital Partners LLP acquired a new stake in Frontline PLC (NYSE:FRO) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 101,646 shares of the shipping company’s stock, valued at approximately $3,536,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of FRO. Royal Bank of Canada boosted its holdings in shares of Frontline by 32.3% during the first quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company’s stock worth $392,000 after purchasing an additional 6,424 shares during the period. Millennium Management LLC bought a new stake in shares of Frontline in the first quarter worth about $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Frontline by 12.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 185,226 shares of the shipping company’s stock valued at $2,751,000 after purchasing an additional 20,370 shares during the period. American Century Companies Inc. increased its holdings in Frontline by 93.6% during the 2nd quarter. American Century Companies Inc. now owns 72,539 shares of the shipping company’s stock valued at $1,190,000 after purchasing an additional 35,078 shares during the period. Finally, Invesco Ltd. raised its position in Frontline by 215.8% during the 2nd quarter. Invesco Ltd. now owns 91,039 shares of the shipping company’s stock valued at $1,494,000 after purchasing an additional 62,210 shares during the last quarter. 22.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Danske lowered shares of Frontline to a “hold” rating in a research note on Tuesday, May 26th. Wall Street Zen lowered Frontline from a “strong-buy” rating to a “buy” rating in a report on Saturday. Evercore cut Frontline from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Weiss Ratings downgraded Frontline from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday. Finally, BTIG Research upped their price objective on Frontline from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $41.62.

Frontline Price Performance

Shares of Frontline stock opened at $41.20 on Friday. The firm has a market cap of $9.17 billion, a PE ratio of 10.15 and a beta of 0.02. Frontline PLC has a twelve month low of $18.43 and a twelve month high of $43.10. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.83. The business has a 50-day moving average price of $38.30 and a 200 day moving average price of $35.71.

Frontline Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th were given a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 15.0%. This is a boost from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date was Friday, June 12th. Frontline’s dividend payout ratio (DPR) is presently 152.71%.

Frontline Profile

Frontline Ltd. (NYSE:FRO) is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company’s core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline’s fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.