Frontline PLC $FRO Shares Bought by Amundi

Key Points

• Amundi increased its ownership of Frontline PLC by 20% during the first quarter, acquiring an additional 32,364 shares, bringing its total holdings to approximately 193,909 shares valued at $2,781,000.
• Frontline recently announced a quarterly dividend of $0.36 per share, representing a yield of 6.3%, with the ex-dividend date set for September 12th.
• Despite reporting a revenue increase of 34.2% year-over-year, Frontline missed analysts' EPS expectations for the last quarter, earning $0.36 per share compared to a forecast of $0.42.

Amundi increased its stake in shares of Frontline PLC (NYSE:FRO - Free Report) by 20.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 193,909 shares of the shipping company's stock after purchasing an additional 32,364 shares during the quarter. Amundi owned 0.09% of Frontline worth $2,781,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Signaturefd LLC grew its position in Frontline by 59.3% in the 1st quarter. Signaturefd LLC now owns 2,657 shares of the shipping company's stock valued at $39,000 after acquiring an additional 989 shares during the last quarter. SVB Wealth LLC bought a new position in Frontline in the 1st quarter valued at $32,000. Bayforest Capital Ltd bought a new position in shares of Frontline in the first quarter worth about $34,000. Triumph Capital Management grew its holdings in shares of Frontline by 23.4% in the fourth quarter. Triumph Capital Management now owns 15,217 shares of the shipping company's stock worth $216,000 after purchasing an additional 2,882 shares during the last quarter. Finally, Private Advisor Group LLC grew its holdings in shares of Frontline by 10.4% in the first quarter. Private Advisor Group LLC now owns 30,968 shares of the shipping company's stock worth $460,000 after purchasing an additional 2,915 shares during the last quarter. Institutional investors own 22.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on FRO shares. BTIG Research upped their price target on shares of Frontline from $25.00 to $30.00 and gave the stock a "buy" rating in a report on Wednesday. Jefferies Financial Group reissued a "buy" rating and issued a $25.00 price objective on shares of Frontline in a research note on Friday, August 29th. Finally, Wall Street Zen cut Frontline from a "hold" rating to a "sell" rating in a research note on Sunday, July 6th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $21.87.

Frontline Stock Up 0.8%

Shares of NYSE FRO traded up $0.18 during midday trading on Wednesday, reaching $23.84. 2,183,321 shares of the company's stock traded hands, compared to its average volume of 2,609,902. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 1.38. The stock's 50 day simple moving average is $20.03 and its 200-day simple moving average is $17.87. Frontline PLC has a one year low of $12.40 and a one year high of $25.68. The company has a market cap of $5.31 billion, a price-to-earnings ratio of 22.28 and a beta of 0.25.

Frontline (NYSE:FRO - Get Free Report) last announced its earnings results on Friday, August 29th. The shipping company reported $0.36 earnings per share (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 the consensus estimate of $328.71 million. Frontline had a net margin of 12.94% and a return on equity of 10.27%. The firm's revenue was up 34.2% compared to the same quarter last year. During the same period last year, the business posted $0.62 EPS. On average, analysts predict that Frontline PLC will post 1.78 EPS for the current fiscal year.

Frontline Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 24th. Investors of record on Friday, September 12th will be given a dividend of $0.36 per share. 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 6.0%. Frontline's dividend payout ratio (DPR) is presently 134.58%.

Frontline Company 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.