149,560 Shares in Frontline PLC $FRO Bought by WIT Partners Advisory Pte. Ltd.

Key Points

• WIT Partners Advisory Pte. Ltd. opened a new position in Frontline PLC, buying 149,560 shares worth about $5.21 million in the first quarter. The stake represented roughly 1.5% of its portfolio and 0.07% of Frontline’s shares outstanding.
• Frontline reported mixed quarterly results, with revenue of $714.24 million beating estimates but EPS of $1.55 coming in slightly below expectations. Revenue jumped 66.9% year over year, and the company posted strong profitability metrics.
• The company increased its quarterly dividend to $1.55 per share, or $6.20 annualized, implying a very high yield of 16.7%. Analysts currently have a consensus Hold rating on the stock, with an average price target of $41.62.

WIT Partners Advisory Pte. Ltd. acquired a new position in shares of Frontline PLC (NYSE:FRO - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 149,560 shares of the shipping company's stock, valued at approximately $5,214,000. Frontline makes up about 1.5% of WIT Partners Advisory Pte. Ltd.'s investment portfolio, making the stock its 6th biggest position. WIT Partners Advisory Pte. Ltd. owned 0.07% of Frontline at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of FRO. Bank of Montreal Can raised its holdings 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 during the period. 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 valued at $52,000 after acquiring an additional 500 shares in the last quarter. 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 valued at $369,000 after acquiring an additional 552 shares in the last quarter. Range Financial Group LLC raised its stake in shares of Frontline by 0.7% during the first quarter. Range Financial Group LLC now owns 83,007 shares of the shipping company's stock valued at $2,894,000 after purchasing an additional 557 shares during the period. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in Frontline during the 4th quarter worth $25,000. Hedge funds and other institutional investors own 22.70% of the company's stock.

Frontline Stock Performance

Shares of Frontline stock opened at $37.14 on Friday. The firm has a market cap of $8.27 billion, a PE ratio of 9.15 and a beta of 0.01. The firm's 50-day simple moving average is $37.34 and its 200-day simple moving average is $33.61. The company has a debt-to-equity ratio of 0.83, a quick ratio of 2.03 and a current ratio of 2.03. Frontline PLC has a 1 year low of $18.04 and a 1 year high of $43.10.

Frontline (NYSE:FRO - Get Free Report) last issued its quarterly earnings results on Friday, May 22nd. The shipping company reported $1.55 EPS for the quarter, missing the consensus estimate of $1.58 by ($0.03). The company had revenue of $714.24 million for the quarter, compared to the consensus estimate of $579.59 million. Frontline had a return on equity of 27.80% and a net margin of 36.70%.The business's revenue for the quarter was up 66.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.18 EPS.

Frontline Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th were issued a dividend of $1.55 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $6.20 dividend on an annualized basis and a yield of 16.7%. This is a boost from Frontline's previous quarterly dividend of $1.03. Frontline's dividend payout ratio (DPR) is 152.71%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Weiss Ratings upgraded shares of Frontline from a "hold (c+)" rating to a "buy (b)" rating in a report on Friday, May 22nd. BTIG Research boosted their price target on Frontline from $45.00 to $55.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. Evercore downgraded Frontline from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 21st. Wall Street Zen upgraded Frontline from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 27th. Finally, Pareto Securities lowered Frontline from a "buy" rating to a "hold" rating and set a $39.46 target price on the stock. in a research report on Monday, May 25th. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $41.62.

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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