85,295 Shares in Frontline PLC $FRO Acquired by Hsbc Holdings PLC

Hsbc Holdings PLC purchased 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 and Exchange Commission. The institutional investor purchased 85,295 shares of the shipping company’s stock, valued at approximately $2,985,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cozad Asset Management Inc. raised its position in shares of Frontline by 3.5% in the first quarter. Cozad Asset Management Inc. now owns 13,152 shares of the shipping company’s stock valued at $458,000 after purchasing an additional 445 shares during the period. Bank of Montreal Can boosted its holdings in shares of Frontline by 0.6% during the 4th quarter. Bank of Montreal Can now owns 73,544 shares of the shipping company’s stock worth $1,605,000 after buying an additional 460 shares during the period. Parallel Advisors LLC grew its stake in Frontline by 58.9% in the 1st quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock valued at $46,000 after buying an additional 486 shares during the last quarter. NFSG Corp raised its holdings in Frontline by 50.0% in the 1st quarter. NFSG Corp now owns 1,500 shares of the shipping company’s stock valued at $52,000 after acquiring an additional 500 shares during the period. Finally, Integrated Wealth Concepts LLC raised its holdings in Frontline by 3.5% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 16,204 shares of the shipping company’s stock valued at $369,000 after acquiring an additional 552 shares during the period. 22.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on FRO shares. Wall Street Zen upgraded Frontline from a “buy” rating to a “strong-buy” rating in a report on Saturday. DZ Bank lowered Frontline from a “hold” rating to a “sell” rating in a research note on Friday, August 21st. Pareto Securities cut Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target for the company. in a report on Monday, May 25th. Danske downgraded Frontline from a “hold” rating to a “sell” rating in a research note on Friday, August 21st. Finally, Weiss Ratings lowered Frontline from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, August 12th. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Frontline currently has an average rating of “Hold” and an average price target of $41.62.

Frontline Stock Performance

Shares of NYSE:FRO opened at $44.02 on Friday. The company’s 50 day moving average price is $39.32 and its two-hundred day moving average price is $36.77. Frontline PLC has a 12-month low of $20.31 and a 12-month high of $45.29. The firm has a market cap of $9.80 billion, a PE ratio of 10.84 and a beta of 0.02. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.83.

Frontline (NYSE:FRO) last released its quarterly earnings results on Friday, August 28th. The shipping company reported $2.96 earnings per share for the quarter, beating analysts’ consensus estimates of $2.74 by $0.22. The company had revenue of $943.30 million during the quarter, compared to the consensus estimate of $758.85 million. Frontline had a net margin of 36.70% and a return on equity of 27.80%. The firm’s quarterly revenue was up 96.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.36 earnings per share.

Frontline Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Friday, September 18th will be issued a $2.61 dividend. The ex-dividend date of this dividend is Friday, September 18th. This represents a $10.44 annualized dividend and a yield of 23.7%. This is a boost from Frontline’s previous quarterly dividend of $1.55. Frontline’s payout ratio is presently 152.71%.

Trending Headlines about Frontline

Here are the key news stories impacting Frontline this week:

• Positive Sentiment: Record earnings beat expectations: Frontline reported second-quarter EPS of $2.96, exceeding the $2.74 consensus estimate. Revenue jumped 96.5% year over year to $943.3 million, versus expectations of $758.9 million, while net income reached a record $659 million. The results reflect exceptionally strong tanker rates, supported in part by geopolitical risks and a tight shipping market. Frontline’s Profit Hits Record $659 Million as Geopolitical Risks Impact Tanker Rates
• Positive Sentiment: Dividend increased substantially: Frontline declared a quarterly dividend of $2.61 per share, payable September 28 to shareholders of record September 18. The payout is 68.4% above the prior $1.55 dividend and represents an annualized payout of $10.44, with a stated yield of approximately 23.7%. Frontline Delivers Record Q2 Profit, Boosts Payouts as Tanker Market Stays Tight
• Positive Sentiment: Analyst sentiment improved: Wall Street Zen upgraded Frontline to “Strong Buy,” adding to the positive reaction to the earnings report. Frontline Upgraded to Strong-Buy at Wall Street Zen
• Neutral Sentiment: Options activity increased: Investors purchased 14,816 call options, 154% above average call volume. This indicates increased bullish speculation, but options activity alone does not guarantee sustained buying in the stock. Frontline Target of Unusually Large Options Trading

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.