369,740 Shares in Frontline PLC $FRO Acquired by Thomist Capital Management LP

Key Points

• Thomist Capital Management acquired 369,740 Frontline shares worth approximately $12.9 million, making the tanker company 4.1% of its portfolio and its ninth-largest holding.
• Frontline shares opened at $44.06, near their 52-week high of $45.17, with a market capitalization of $9.81 billion and a P/E ratio of 10.85. Institutional investors and hedge funds collectively own 22.7% of the stock.
• Analyst sentiment is mixed: four analysts rate Frontline a Buy, four a Hold, and two a Sell, resulting in a consensus Hold rating and an average price target of $41.62.

Thomist Capital Management LP purchased a new position 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 firm purchased 369,740 shares of the shipping company's stock, valued at approximately $12,863,000. Frontline accounts for about 4.1% of Thomist Capital Management LP's investment portfolio, making the stock its 9th largest position. Thomist Capital Management LP owned approximately 0.17% of Frontline at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Frontline during the 4th quarter worth $25,000. Fiduciary Financial Advisors purchased a new position in shares of Frontline in the 2nd quarter worth $28,000. Assetmark Inc. boosted its holdings in Frontline by 278.6% in the first quarter. Assetmark Inc. now owns 973 shares of the shipping company's stock valued at $34,000 after acquiring an additional 716 shares during the last quarter. Sunbelt Securities Inc. acquired a new position in Frontline in the third quarter valued at $41,000. Finally, Parallel Advisors LLC grew its position in Frontline by 58.9% during the first 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 period. Institutional investors and hedge funds own 22.70% of the company's stock.

Frontline Trading Up 0.9%

FRO opened at $44.06 on Tuesday. The firm has a market capitalization of $9.81 billion, a P/E ratio of 10.85 and a beta of 0.02. The firm's 50 day moving average is $39.06 and its 200-day moving average is $36.42. Frontline PLC has a 52-week low of $19.87 and a 52-week high of $45.17. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.83.

Analyst Upgrades and Downgrades

Several brokerages have commented on FRO. DZ Bank lowered Frontline from a "hold" rating to a "sell" rating in a research note on Friday. 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. BTIG Research raised their price target on shares of Frontline from $45.00 to $55.00 and gave the company a "buy" rating in a report on Wednesday, June 24th. Wall Street Zen cut shares of Frontline from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 15th. Finally, Danske downgraded shares of Frontline from a "hold" rating to a "sell" rating in a research note on Friday. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $41.62.

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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