DekaBank Deutsche Girozentrale Has $1.90 Million Position in Frontline PLC $FRO

DekaBank Deutsche Girozentrale increased its stake in shares of Frontline PLC (NYSE:FRO) by 3.9% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 114,312 shares of the shipping company’s stock after acquiring an additional 4,257 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Frontline were worth $1,903,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Oxbow Advisors LLC bought a new stake in Frontline during the second quarter worth about $6,407,000. Bayforest Capital Ltd raised its holdings in Frontline by 1,663.1% during the second quarter. Bayforest Capital Ltd now owns 40,233 shares of the shipping company’s stock worth $660,000 after acquiring an additional 37,951 shares in the last quarter. TD Asset Management Inc raised its holdings in Frontline by 9.9% during the second quarter. TD Asset Management Inc now owns 17,079 shares of the shipping company’s stock worth $281,000 after acquiring an additional 1,535 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in Frontline by 31.5% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 14,299 shares of the shipping company’s stock worth $235,000 after acquiring an additional 3,427 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in Frontline during the second quarter worth about $453,000. Institutional investors own 22.70% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on FRO. Wall Street Zen upgraded Frontline from a “sell” rating to a “hold” rating in a report on Friday, September 26th. Jefferies Financial Group reiterated a “buy” rating and set a $25.00 target price on shares of Frontline in a report on Friday, August 29th. BTIG Research upped their target price on Frontline from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, September 17th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Frontline in a report on Saturday. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $21.87.

Frontline Price Performance

NYSE:FRO opened at $23.55 on Friday. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 1.38. The stock’s 50 day moving average price is $22.33 and its two-hundred day moving average price is $19.33. The firm has a market capitalization of $5.24 billion, a price-to-earnings ratio of 22.01 and a beta of 0.20. Frontline PLC has a 12-month low of $12.40 and a 12-month high of $24.63.

Frontline (NYSE:FRO) last released its quarterly earnings data on Friday, August 29th. The shipping company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.06). The business had revenue of $282.95 million during the quarter, compared to the consensus estimate of $328.71 million. Frontline had a net margin of 12.94% and a return on equity of 10.27%. Frontline’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.62 EPS. On average, analysts anticipate that Frontline PLC will post 1.78 earnings per share for the current year.

Frontline Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 24th. Stockholders of record on Friday, September 12th were paid a dividend of $0.36 per share. The ex-dividend date was Friday, September 12th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.1%. Frontline’s dividend payout ratio (DPR) is 134.58%.

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.