10,123 Shares in Frontline plc (NYSE:FRO) Bought by Seven Eight Capital LP

Seven Eight Capital LP purchased a new stake in shares of Frontline plc (NYSE:FRO) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,123 shares of the shipping company’s stock, valued at approximately $261,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of FRO. Hsbc Holdings PLC grew its position in shares of Frontline by 7.7% in the 2nd quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company’s stock worth $50,683,000 after buying an additional 138,011 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Frontline by 6.3% in the second quarter. DekaBank Deutsche Girozentrale now owns 116,988 shares of the shipping company’s stock worth $3,118,000 after acquiring an additional 6,933 shares during the period. Ashton Thomas Private Wealth LLC bought a new stake in Frontline in the second quarter valued at $31,000. TD Asset Management Inc increased its position in Frontline by 9.7% during the 2nd quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company’s stock valued at $258,000 after purchasing an additional 871 shares during the period. Finally, Cozad Asset Management Inc. raised its holdings in Frontline by 6.4% in the 2nd quarter. Cozad Asset Management Inc. now owns 12,976 shares of the shipping company’s stock worth $334,000 after purchasing an additional 785 shares in the last quarter. 22.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on FRO. Evercore ISI reduced their target price on Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. StockNews.com raised Frontline to a “sell” rating in a research note on Thursday, September 5th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $30.00 price objective on shares of Frontline in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $27.58.

Frontline Stock Up 0.4 %

FRO opened at $22.35 on Tuesday. Frontline plc has a 1-year low of $17.02 and a 1-year high of $29.39. The firm’s 50 day simple moving average is $23.54 and its two-hundred day simple moving average is $24.45. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40. The company has a market capitalization of $4.98 billion, a PE ratio of 7.81 and a beta of 0.04.

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

Frontline Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 11.10%. The ex-dividend date of this dividend is Friday, September 13th. Frontline’s dividend payout ratio is presently 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.