Frontline plc (NYSE:FRO) Shares Purchased by Forest Avenue Capital Management LP

Forest Avenue Capital Management LP lifted its holdings in shares of Frontline plc (NYSE:FRO) by 12.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,429,909 shares of the shipping company’s stock after purchasing an additional 161,518 shares during the period. Frontline accounts for about 5.1% of Forest Avenue Capital Management LP’s portfolio, making the stock its 8th largest position. Forest Avenue Capital Management LP owned 0.64% of Frontline worth $36,834,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Russell Investments Group Ltd. raised its position in Frontline by 169.2% in the 4th quarter. Russell Investments Group Ltd. now owns 3,928 shares of the shipping company’s stock worth $79,000 after purchasing an additional 2,469 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Frontline by 1,281.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 24,556 shares of the shipping company’s stock valued at $492,000 after acquiring an additional 22,778 shares during the last quarter. Chesapeake Capital Corp IL bought a new position in Frontline in the fourth quarter valued at about $840,000. Rovida Advisors Inc. acquired a new stake in Frontline in the fourth quarter worth about $4,260,000. Finally, Olympiad Research LP bought a new stake in Frontline during the 4th quarter worth about $427,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Trading Down 7.1 %

Shares of NYSE 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. Frontline plc has a twelve month low of $17.02 and a twelve month high of $29.39. The company’s fifty day moving average is $23.57 and its 200-day moving average is $24.45. The stock has a market cap of $4.95 billion, a price-to-earnings ratio of 7.78 and a beta of 0.04.

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

Frontline Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders 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 dividend on an annualized basis and a dividend yield of 11.15%. Frontline’s dividend payout ratio (DPR) is presently 86.71%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on FRO shares. Evercore ISI lowered their price target on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. StockNews.com upgraded Frontline to a “sell” rating in a research report 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 given a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $27.58.

Frontline Company 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.