157,000 Shares in Frontline PLC $FRO Acquired by MYDA Advisors LLC

Key Points

• MYDA Advisors LLC has acquired 157,000 shares of Frontline PLC, valued at approximately $2,331,000, representing a 0.07% ownership stake.
• Wall Street analysts have downgraded Frontline shares from a "hold" to a "sell" rating, while the average consensus rating remains a "Moderate Buy" with a price target of $20.62.
• Frontline recently announced a $0.18 dividend per share, leading to a remarkable 397.0% yield, with a payout ratio of 46.15%.

MYDA Advisors LLC purchased a new position in Frontline PLC (NYSE:FRO - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 157,000 shares of the shipping company's stock, valued at approximately $2,331,000. MYDA Advisors LLC owned about 0.07% of Frontline at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. SVB Wealth LLC purchased a new position in shares of Frontline in the 1st quarter worth about $32,000. Bayforest Capital Ltd purchased a new position in shares of Frontline in the 1st quarter worth about $34,000. Signaturefd LLC increased its holdings in Frontline by 59.3% in the 1st quarter. Signaturefd LLC now owns 2,657 shares of the shipping company's stock worth $39,000 after buying an additional 989 shares in the last quarter. Nexpoint Asset Management L.P. bought a new stake in Frontline in the 4th quarter worth about $159,000. Finally, Tower Research Capital LLC TRC increased its holdings in Frontline by 5,500.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,200 shares of the shipping company's stock worth $159,000 after buying an additional 11,000 shares in the last quarter. Hedge funds and other institutional investors own 22.70% of the company's stock.

Frontline Stock Performance

Shares of NYSE:FRO traded up $0.01 during mid-day trading on Tuesday, reaching $20.91. 1,632,778 shares of the company traded hands, compared to its average volume of 2,989,633. The company's 50 day moving average price is $18.77 and its 200-day moving average price is $17.37. The firm has a market cap of $4.65 billion, a PE ratio of 19.52 and a beta of 0.25. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.82 and a quick ratio of 1.82. Frontline PLC has a 52 week low of $12.40 and a 52 week high of $25.68.

Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings results on Friday, August 29th. The shipping company reported $0.36 EPS for the quarter, missing analysts' consensus estimates of $0.42 by ($0.06). Frontline had a return on equity of 10.31% and a net margin of 12.94%.The business had revenue of $282.95 million during the quarter, compared to analysts' expectations of $328.71 million. During the same period in the prior year, the firm posted $0.62 earnings per share. The firm's revenue for the quarter was up 34.2% on a year-over-year basis. On average, equities analysts expect that Frontline PLC will post 1.78 EPS for the current fiscal year.

Frontline Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 24th. Investors of record on Friday, September 12th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $1.44 dividend on an annualized basis and a yield of 6.9%. Frontline's payout ratio is currently 67.29%.

Analyst Upgrades and Downgrades

Several research firms recently commented on FRO. Jefferies Financial Group reiterated a "buy" rating and issued a $25.00 price objective on shares of Frontline in a report on Friday. Wall Street Zen downgraded Frontline from a "hold" rating to a "sell" rating in a report on Sunday, July 6th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $21.87.

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.