Fox Run Management L.L.C. Acquires Shares of 68,194 Frontline PLC $FRO

Fox Run Management L.L.C. acquired a new stake in Frontline PLC (NYSE:FRO) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 68,194 shares of the shipping company’s stock, valued at approximately $1,488,000.

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

Analyst Upgrades and Downgrades

FRO has been the subject of several analyst reports. Wall Street Zen upgraded shares of Frontline from a “hold” rating to a “buy” rating in a research report on Saturday, April 4th. BTIG Research lifted their price target on shares of Frontline from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Dnb Carnegie lowered shares of Frontline from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 2nd. Piper Sandler downgraded shares of Frontline to a “neutral” rating in a report on Friday, February 27th. Finally, Evercore downgraded shares of Frontline from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 21st. Four investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Frontline has an average rating of “Hold” and a consensus target price of $39.12.

Frontline Stock Down 0.6%

FRO stock opened at $34.97 on Tuesday. The stock has a market capitalization of $7.78 billion, a P/E ratio of 8.61 and a beta of 0.02. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.83. Frontline PLC has a 12 month low of $16.25 and a 12 month high of $39.89. The firm has a 50-day moving average price of $36.07 and a 200-day moving average price of $30.67.

Frontline (NYSE:FRO) last posted its earnings results on Friday, May 22nd. The shipping company reported $1.55 EPS for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.03). The company had revenue of $714.24 million during the quarter, compared to the consensus estimate of $579.59 million. Frontline had a return on equity of 27.80% and a net margin of 36.70%.The firm’s revenue was up 66.9% compared to the same quarter last year. During the same period last year, the company posted $0.18 EPS.

Frontline Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th will be paid a $1.55 dividend. This is an increase from Frontline’s previous quarterly dividend of $1.03. This represents a $6.20 annualized dividend and a dividend yield of 17.7%. The ex-dividend date of this dividend is Friday, June 12th. Frontline’s payout ratio is currently 101.48%.

Frontline Company 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.