Frontline PLC $FRO Position Cut by Range Financial Group LLC

Range Financial Group LLC lowered its holdings in Frontline PLC (NYSE:FRO) by 18.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 77,662 shares of the shipping company’s stock after selling 17,468 shares during the quarter. Frontline accounts for about 1.1% of Range Financial Group LLC’s holdings, making the stock its 28th biggest position. Range Financial Group LLC’s holdings in Frontline were worth $3,826,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FRO. Arrowstreet Capital Limited Partnership boosted its position in shares of Frontline by 4,659.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,783,681 shares of the shipping company’s stock worth $202,080,000 after purchasing an additional 5,662,172 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Frontline in the second quarter valued at about $50,846,000. Renaissance Technologies LLC lifted its stake in shares of Frontline by 133.5% in the first quarter. Renaissance Technologies LLC now owns 927,838 shares of the shipping company’s stock valued at $32,344,000 after purchasing an additional 530,500 shares during the period. Bank of America Corp DE acquired a new stake in shares of Frontline in the second quarter valued at about $30,123,000. Finally, Amundi boosted its holdings in Frontline by 162.6% during the second quarter. Amundi now owns 847,488 shares of the shipping company’s stock worth $29,809,000 after buying an additional 524,804 shares in the last quarter. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Trading Down 0.7%

Shares of FRO stock opened at $50.35 on Wednesday. The stock has a market cap of $11.21 billion, a P/E ratio of 7.55 and a beta of 0.15. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.69. Frontline PLC has a fifty-two week low of $20.47 and a fifty-two week high of $59.75. The business has a fifty day simple moving average of $48.46 and a 200-day simple moving average of $41.19.

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

Frontline Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 28th. Shareholders of record on Friday, September 18th were issued a $2.61 dividend. This represents a $10.44 annualized dividend and a dividend yield of 20.7%. This is a boost from Frontline’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend was Friday, September 18th. Frontline’s payout ratio is currently 156.52%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FRO shares. Weiss Ratings upgraded shares of Frontline from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. Wall Street Zen raised shares of Frontline from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 29th. DZ Bank downgraded shares of Frontline from a “hold” rating to a “sell” rating in a research report on Friday, August 21st. Nordea Equity Research lowered Frontline to a “hold” rating in a research note on Monday, August 31st. Finally, Danske cut Frontline from a “hold” rating to a “sell” rating in a report on Friday, August 21st. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $45.37.

Frontline Profile

Frontline plc is a maritime shipping company that owns and operates tankers used to transport crude oil and refined petroleum products worldwide. The company’s fleet includes very large crude carriers (VLCCs), Suezmax tankers, and Aframax and Long Range 2 (LR2) vessels, serving international energy markets.

Frontline’s vessels are employed through a combination of voyage charters, time charters and pool arrangements. Its operations connect major oil-producing regions with refineries and consuming markets across the Atlantic, Pacific and other global trade routes.

Founded in 1985, Frontline is incorporated in Bermuda and has corporate operations based in Limassol, Cyprus.