26,158 Shares in Frontline PLC $FRO Purchased by NewEdge Advisors LLC

Key Points

• NewEdge Advisors initiated a Frontline stake of 26,158 shares valued at approximately $912,000, while other institutional investors also increased their holdings. Institutional ownership stands at 22.70%.
• Analyst sentiment is mixed: BTIG raised its price target to $55 and maintained a buy rating, while several firms downgraded the stock to hold. The consensus rating is Hold with an average target price of $41.62.
• Frontline increased its quarterly dividend to $1.55, equivalent to $6.20 annually and a 15.8% yield. Shares opened at $39.36, with a 52-week range of $18.26 to $43.10.

NewEdge Advisors LLC bought a new stake in Frontline PLC (NYSE:FRO - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 26,158 shares of the shipping company's stock, valued at approximately $912,000.

Several other institutional investors also recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership raised its position in shares of 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 worth $202,080,000 after purchasing an additional 5,662,172 shares during the period. Cooper Creek Partners Management LLC acquired a new position in Frontline during the 1st quarter valued at approximately $26,911,000. Voloridge Investment Management LLC acquired a new position in Frontline during the 4th quarter valued at approximately $15,676,000. Balyasny Asset Management L.P. grew its stake in Frontline by 44.0% during the 3rd quarter. Balyasny Asset Management L.P. now owns 2,247,120 shares of the shipping company's stock worth $51,212,000 after buying an additional 686,212 shares during the last quarter. Finally, Barclays PLC grew its stake in Frontline by 256.9% during the 4th quarter. Barclays PLC now owns 826,343 shares of the shipping company's stock worth $18,031,000 after buying an additional 594,811 shares during the last quarter. 22.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on FRO shares. Pareto Securities downgraded shares of Frontline from a "buy" rating to a "hold" rating and set a $39.46 price target for the company. in a report on Monday, May 25th. BTIG Research increased their price objective on shares of Frontline from $45.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. Danske downgraded shares of Frontline to a "hold" rating in a research report on Tuesday, May 26th. Weiss Ratings upgraded shares of Frontline from a "hold (c+)" rating to a "buy (b)" rating in a research report on Friday, May 22nd. Finally, Evercore lowered shares of Frontline from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 21st. Four research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Frontline has a consensus rating of "Hold" and an average target price of $41.62.

Frontline Trading Down 0.0%

Shares of FRO stock opened at $39.36 on Monday. The firm has a market capitalization of $8.76 billion, a PE ratio of 9.69 and a beta of 0.02. 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 $18.26 and a 1 year high of $43.10. The stock has a fifty day moving average of $37.46 and a two-hundred day moving average of $34.83.

Frontline Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Friday, June 12th were issued a $1.55 dividend. The ex-dividend date of this dividend was Friday, June 12th. This is an increase from Frontline's previous quarterly dividend of $1.03. This represents a $6.20 annualized dividend and a yield of 15.8%. Frontline's dividend payout ratio is currently 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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