Frontline PLC $FRO Stock Acquired by Artemis Investment Management LLP

Artemis Investment Management LLP raised its stake in shares of Frontline PLC (NYSE:FRO) by 3.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 774,952 shares of the shipping company’s stock after purchasing an additional 26,380 shares during the quarter. Artemis Investment Management LLP owned approximately 0.35% of Frontline worth $38,182,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. WINTON GROUP Ltd lifted its holdings in shares of Frontline by 72.0% during the second quarter. WINTON GROUP Ltd now owns 12,900 shares of the shipping company’s stock valued at $449,000 after purchasing an additional 5,400 shares during the last quarter. Integrated Wealth Concepts LLC boosted its holdings in shares of Frontline by 13.9% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 22,969 shares of the shipping company’s stock valued at $799,000 after acquiring an additional 2,810 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Frontline by 3.7% in the second quarter. NewEdge Advisors LLC now owns 27,115 shares of the shipping company’s stock worth $943,000 after acquiring an additional 957 shares during the period. Amundi grew its stake in shares of Frontline by 162.6% in the second quarter. Amundi now owns 847,488 shares of the shipping company’s stock worth $29,809,000 after acquiring an additional 524,804 shares during the period. Finally, Triumph Capital Management raised its holdings in shares of Frontline by 131.0% during the second quarter. Triumph Capital Management now owns 8,931 shares of the shipping company’s stock valued at $311,000 after purchasing an additional 5,064 shares during the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Stock Performance

NYSE:FRO traded up $2.97 during mid-day trading on Thursday, hitting $56.03. 2,742,660 shares of the company traded hands, compared to its average volume of 3,320,078. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.69. The stock’s fifty day moving average price is $45.62 and its 200-day moving average price is $39.86. The firm has a market cap of $12.47 billion, a price-to-earnings ratio of 8.37 and a beta of 0.15. Frontline PLC has a one year low of $20.47 and a one year high of $55.86.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Friday, August 28th. The shipping company reported $2.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.74 by ($0.13). The company had revenue of $943.30 million for the quarter, compared to analysts’ expectations of $758.89 million. Frontline had a net margin of 49.47% and a return on equity of 44.24%. The firm’s quarterly revenue was up 96.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.36 earnings per share.

Frontline Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 28th. Investors of record on Friday, September 18th were paid a dividend of $2.61 per share. This is a positive change from Frontline’s previous quarterly dividend of $1.55. The ex-dividend date was Friday, September 18th. This represents a $10.44 dividend on an annualized basis and a dividend yield of 18.6%. Frontline’s dividend payout ratio is presently 156.52%.

Analysts Set New Price Targets

FRO has been the topic of several research reports. Wall Street Zen upgraded shares of Frontline from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 29th. Danske cut Frontline from a “hold” rating to a “sell” rating in a report on Friday, August 21st. DZ Bank lowered Frontline from a “hold” rating to a “sell” rating in a report on Friday, August 21st. Weiss Ratings raised Frontline from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, August 28th. Finally, BTIG Research raised their target price on Frontline from $55.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, September 18th. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Frontline presently has a consensus rating of “Hold” and a consensus target price of $45.37.

Frontline Profile

Frontline plc (NYSE: FRO) is a maritime transportation company that owns and operates a fleet of crude oil and refined petroleum product tankers. Its vessels transport energy commodities for oil companies, commodity traders, refineries and other customers in international markets.

The company’s fleet primarily includes very large crude carriers (VLCCs), Suezmax tankers and Aframax or LR2 tankers. Frontline generally employs its vessels through a combination of voyage charters, time charters and commercial pool arrangements, allowing it to serve major global shipping routes and connect oil-producing regions with refineries and consuming markets.

Frontline has roots in the Norwegian shipping industry and is associated with shipping entrepreneur John Fredriksen.