BTG Pactual Asset Management US LLC purchased a new stake in shares of Frontline PLC (NYSE:FRO – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 32,620 shares of the shipping company’s stock, valued at approximately $1,135,000.
Other institutional investors have also bought and sold shares of the company. Cozad Asset Management Inc. grew its stake in shares of Frontline by 3.5% in the 1st quarter. Cozad Asset Management Inc. now owns 13,152 shares of the shipping company’s stock worth $458,000 after buying an additional 445 shares in the last quarter. Bank of Montreal Can raised its position in shares of Frontline by 0.6% during the 4th quarter. Bank of Montreal Can now owns 73,544 shares of the shipping company’s stock valued at $1,605,000 after buying an additional 460 shares in the last quarter. Parallel Advisors LLC lifted its holdings in shares of Frontline by 58.9% in the 1st quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock valued at $46,000 after acquiring an additional 486 shares during the last quarter. NFSG Corp grew its position in Frontline by 50.0% in the first quarter. NFSG Corp now owns 1,500 shares of the shipping company’s stock worth $52,000 after acquiring an additional 500 shares in the last quarter. Finally, Integrated Wealth Concepts LLC grew its position in Frontline by 3.5% in the third quarter. Integrated Wealth Concepts LLC now owns 16,204 shares of the shipping company’s stock worth $369,000 after acquiring an additional 552 shares in the last quarter. Institutional investors own 22.70% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on the company. Wall Street Zen upgraded Frontline from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Pareto Securities cut Frontline from a “buy” rating to a “hold” rating and set a $39.46 target price for the company. in a report on Monday, May 25th. Weiss Ratings raised Frontline from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday. BTIG Research increased their price target on Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Finally, Danske downgraded Frontline from a “hold” rating to a “sell” rating in a research report on Friday, August 21st. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Frontline presently has an average rating of “Hold” and a consensus price target of $41.62.
Frontline Price Performance
Shares of FRO opened at $43.73 on Tuesday. The company has a market cap of $9.74 billion, a price-to-earnings ratio of 10.77 and a beta of 0.02. Frontline PLC has a twelve month low of $20.31 and a twelve month high of $45.29. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.83. The company has a 50 day moving average of $39.36 and a two-hundred day moving average of $36.93.
Frontline (NYSE:FRO – Get Free Report) last released its quarterly earnings results on Friday, August 28th. The shipping company reported $2.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.74 by $0.22. The business had revenue of $943.30 million for the quarter, compared to analyst estimates of $758.85 million. Frontline had a net margin of 36.70% and a return on equity of 27.80%. The business’s revenue for the quarter was up 96.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.36 earnings per share.
Frontline Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Friday, September 18th will be paid a dividend of $2.61 per share. The ex-dividend date is Friday, September 18th. This is a positive change from Frontline’s previous quarterly dividend of $1.55. This represents a $10.44 dividend on an annualized basis and a dividend yield of 23.9%. Frontline’s payout ratio is presently 152.71%.
Frontline Profile
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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