28,710 Shares in Frontline plc (NYSE:FRO) Bought by XTX Topco Ltd

XTX Topco Ltd acquired a new stake in Frontline plc (NYSE:FRO) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 28,710 shares of the shipping company’s stock, valued at approximately $740,000.

Other institutional investors have also recently bought and sold shares of the company. ICA Group Wealth Management LLC bought a new position in Frontline in the 4th quarter valued at $25,000. Ashton Thomas Private Wealth LLC bought a new position in Frontline in the 2nd quarter valued at $31,000. Summit Securities Group LLC grew its stake in Frontline by 75.0% in the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after purchasing an additional 600 shares during the period. Blue Trust Inc. grew its stake in Frontline by 17,866.7% in the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock valued at $56,000 after purchasing an additional 2,144 shares during the period. Finally, Banque Cantonale Vaudoise grew its stake in Frontline by 56.6% in the 1st quarter. Banque Cantonale Vaudoise now owns 5,604 shares of the shipping company’s stock valued at $130,000 after purchasing an additional 2,026 shares during the period. Institutional investors own 22.70% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on FRO. Jefferies Financial Group restated a “buy” rating and issued a $30.00 price objective on shares of Frontline in a research note on Friday, August 30th. StockNews.com upgraded Frontline to a “sell” rating in a research note on Thursday, September 5th. Finally, Evercore ISI cut their price target on Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Frontline presently has an average rating of “Hold” and a consensus target price of $27.58.

Frontline Stock Performance

Shares of FRO opened at $22.25 on Monday. The stock’s 50-day simple moving average is $23.57 and its 200 day simple moving average is $24.46. The stock has a market capitalization of $4.95 billion, a price-to-earnings ratio of 7.78 and a beta of 0.04. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 1.38. Frontline plc has a 52-week low of $17.02 and a 52-week high of $29.39.

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

Frontline Announces Dividend

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

Frontline Profile

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.