111 Capital Purchases Shares of 36,473 Frontline PLC $FRO

Key Points

• 111 Capital purchased a new stake in Frontline PLC, acquiring 36,473 shares valued at approximately $603,000 in the second quarter.
• Frontline's stock is currently rated as a Hold by analysts, with a consensus price target of $21.87, while the company's recent earnings report revealed an EPS of $0.36, missing expectations.
• The company recently announced a quarterly dividend of $0.36 per share, representing an annualized yield of 6.2%, despite a high dividend payout ratio of 134.58%.

111 Capital purchased a new stake in Frontline PLC (NYSE:FRO - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 36,473 shares of the shipping company's stock, valued at approximately $603,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FRO. Encompass Capital Advisors LLC purchased a new stake in Frontline in the first quarter valued at about $45,026,000. Corigliano Investment Advisers LLC purchased a new stake in Frontline in the first quarter valued at about $12,002,000. Bank of New York Mellon Corp increased its holdings in shares of Frontline by 761.8% in the first quarter. Bank of New York Mellon Corp now owns 648,836 shares of the shipping company's stock valued at $9,635,000 after purchasing an additional 573,544 shares during the period. Millennium Management LLC acquired a new position in shares of Frontline in the first quarter valued at about $7,587,000. Finally, Hartree Partners LP increased its holdings in shares of Frontline by 38.8% in the first quarter. Hartree Partners LP now owns 1,472,220 shares of the shipping company's stock valued at $21,851,000 after purchasing an additional 411,220 shares during the period. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FRO has been the topic of a number of research reports. Jefferies Financial Group reissued a "buy" rating and issued a $25.00 price objective on shares of Frontline in a report on Friday, August 29th. BTIG Research increased their price objective on Frontline from $25.00 to $30.00 and gave the company a "buy" rating in a report on Wednesday, September 17th. Weiss Ratings reissued a "hold (c+)" rating on shares of Frontline in a report on Saturday, September 27th. Finally, Wall Street Zen raised Frontline from a "sell" rating to a "hold" rating in a report on Friday, September 26th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Frontline presently has an average rating of "Hold" and a consensus price target of $21.87.

Frontline Stock Up 2.1%

Frontline stock opened at $23.17 on Monday. The firm has a market cap of $5.16 billion, a price-to-earnings ratio of 21.65 and a beta of 0.20. Frontline PLC has a 52 week low of $12.40 and a 52 week high of $25.68. The business's 50-day moving average price is $21.16 and its 200 day moving average price is $18.50. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 1.38.

Frontline (NYSE:FRO - Get Free Report) last posted its earnings results on Friday, August 29th. The shipping company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.06). The company had revenue of $282.95 million for the quarter, compared to analyst estimates of $328.71 million. Frontline had a return on equity of 10.27% and a net margin of 12.94%.The firm's revenue was up 34.2% on a year-over-year basis. During the same period last year, the business earned $0.62 earnings per share. As a group, sell-side analysts anticipate that Frontline PLC will post 1.78 earnings per share for the current year.

Frontline Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 24th. Investors of record on Friday, September 12th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 6.2%. The ex-dividend date of this dividend was Friday, September 12th. Frontline's dividend payout ratio (DPR) is 134.58%.

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.

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