Cooper Creek Partners Management LLC purchased a new position in shares of Frontline PLC (NYSE:FRO – Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 771,966 shares of the shipping company’s stock, valued at approximately $26,911,000. Cooper Creek Partners Management LLC owned 0.35% of Frontline as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd acquired a new position in shares of Frontline during the first quarter worth approximately $1,151,000. WIT Partners Advisory Pte. Ltd. bought a new position in shares of Frontline in the 1st quarter worth $5,214,000. UBS Group AG grew its position in Frontline by 18.2% in the 4th quarter. UBS Group AG now owns 1,411,265 shares of the shipping company’s stock valued at $30,794,000 after purchasing an additional 217,760 shares during the period. Leonteq Securities AG acquired a new stake in Frontline in the 4th quarter valued at $362,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in Frontline by 4,659.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,783,681 shares of the shipping company’s stock valued at $202,080,000 after purchasing an additional 5,662,172 shares in the last quarter. Institutional investors own 22.70% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts have weighed in on the stock. Evercore downgraded shares of Frontline from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 21st. BTIG Research boosted their target price on shares of Frontline from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Danske cut shares of Frontline to a “hold” rating in a research report on Tuesday, May 26th. Weiss Ratings upgraded Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Finally, Pareto Securities downgraded Frontline from a “buy” rating to a “hold” rating and set a $39.46 price objective for the company. in a research note on Monday, May 25th. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Frontline has an average rating of “Hold” and a consensus target price of $41.62.
Frontline Stock Performance
Shares of FRO stock opened at $39.25 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.03 and a quick ratio of 2.03. The firm has a 50-day moving average of $37.36 and a 200-day moving average of $34.21. Frontline PLC has a one year low of $18.26 and a one year high of $43.10. The company has a market cap of $8.74 billion, a P/E ratio of 9.67 and a beta of 0.01.
Frontline Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th were paid a $1.55 dividend. This is a positive change from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date was Friday, June 12th. This represents a $6.20 annualized dividend and a yield of 15.8%. Frontline’s dividend payout ratio (DPR) is 152.71%.
About Frontline
Frontline Ltd. (NYSE:FRO) is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company’s core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.
Frontline’s fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.
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