Edge Capital Group LLC Has $10.64 Million Holdings in Frontline plc (NYSE:FRO)

Edge Capital Group LLC lifted its position in Frontline plc (NYSE:FRO) by 31.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 413,096 shares of the shipping company’s stock after acquiring an additional 99,765 shares during the period. Edge Capital Group LLC owned about 0.19% of Frontline worth $10,641,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in FRO. Mirae Asset Global Investments Co. Ltd. purchased a new position in Frontline during the 1st quarter worth approximately $1,452,000. Forest Avenue Capital Management LP raised its position in Frontline by 115.9% during the fourth quarter. Forest Avenue Capital Management LP now owns 1,057,691 shares of the shipping company’s stock valued at $21,207,000 after buying an additional 567,900 shares during the period. Rovida Advisors Inc. purchased a new stake in Frontline in the 4th quarter worth about $4,260,000. M&G Plc acquired a new stake in Frontline during the 1st quarter worth about $25,074,000. Finally, Quantbot Technologies LP grew its stake in Frontline by 184.8% during the 1st quarter. Quantbot Technologies LP now owns 95,861 shares of the shipping company’s stock valued at $2,241,000 after acquiring an additional 62,206 shares in the last quarter. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Stock Performance

Shares of FRO opened at $22.25 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.40. The firm has a market cap of $4.95 billion, a price-to-earnings ratio of 7.78 and a beta of 0.04. Frontline plc has a 12 month low of $17.02 and a 12 month high of $29.39. The company’s fifty day moving average is $23.57 and its 200-day moving average is $24.45.

Frontline (NYSE:FRO) last posted its earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.03). Frontline had a return on equity of 19.73% and a net margin of 29.42%. The company had revenue of $409.72 million during the quarter, compared to analyst estimates of $383.88 million. During the same quarter last year, the firm posted $0.94 earnings per share. Equities analysts expect that Frontline plc will post 2.62 EPS for the current fiscal year.

Frontline Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $0.62 dividend. The ex-dividend date is Friday, September 13th. This represents a $2.48 annualized dividend and a yield of 11.15%. Frontline’s dividend payout ratio (DPR) is presently 86.71%.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Jefferies Financial Group restated a “buy” rating and set a $30.00 price target on shares of Frontline in a report on Friday, August 30th. StockNews.com upgraded shares of Frontline to a “sell” rating in a research report on Thursday, September 5th. Finally, Evercore ISI lowered their price target on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $27.58.

About Frontline

Frontline plc, a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.