Bayforest Capital Ltd Has $660,000 Holdings in Frontline PLC $FRO

Key Points

• Bayforest Capital Ltd significantly increased its holdings in Frontline PLC by 1,663.1% during Q2, owning 40,233 shares valued at approximately $660,000.
• Wall Street analysts have mixed ratings on Frontline, with a consensus rating of "Hold" and a price target averaging $21.87.
• Frontline recently declared a quarterly dividend of $0.36 per share, reflecting a strong annualized yield of 6.3%, despite a dividend payout ratio of 134.58%.

Bayforest Capital Ltd increased its position in shares of Frontline PLC (NYSE:FRO - Free Report) by 1,663.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,233 shares of the shipping company's stock after acquiring an additional 37,951 shares during the quarter. Bayforest Capital Ltd's holdings in Frontline were worth $660,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in FRO. SVB Wealth LLC acquired a new position in Frontline in the 1st quarter valued at approximately $32,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Frontline in the 2nd quarter valued at approximately $33,000. Signaturefd LLC increased its stake 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 buying an additional 989 shares during the period. Golden State Wealth Management LLC increased its stake in Frontline by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 11,800 shares of the shipping company's stock valued at $175,000 after buying an additional 5,900 shares during the period. Finally, MQS Management LLC acquired a new position in Frontline in the 1st quarter valued at approximately $204,000. Institutional investors and hedge funds own 22.70% of the company's stock.

Wall Street Analysts Forecast Growth

FRO has been the topic of several research reports. BTIG Research upped their price objective on shares of Frontline from $25.00 to $30.00 and gave the company a "buy" rating in a research note on Wednesday, September 17th. Weiss Ratings reissued a "hold (c+)" rating on shares of Frontline in a research report on Wednesday, October 8th. Jefferies Financial Group reissued a "buy" rating and issued a $25.00 target price on shares of Frontline in a research report on Friday, August 29th. Finally, Wall Street Zen raised shares of Frontline from a "sell" rating to a "hold" rating in a research report on Friday, September 26th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Frontline has a consensus rating of "Hold" and a consensus price target of $21.87.

Frontline Price Performance

NYSE FRO opened at $22.78 on Tuesday. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 1.38. The company has a fifty day simple moving average of $21.60 and a 200 day simple moving average of $18.79. The company has a market cap of $5.07 billion, a P/E ratio of 21.29 and a beta of 0.20. Frontline PLC has a 1 year low of $12.40 and a 1 year high of $24.27.

Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $282.95 million for the quarter, compared to the consensus estimate of $328.71 million. Frontline had a return on equity of 10.27% and a net margin of 12.94%.Frontline's quarterly revenue was up 34.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.62 earnings per share. On average, sell-side analysts predict that Frontline PLC will post 1.78 EPS for the current year.

Frontline Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 24th. Stockholders of record on Friday, September 12th were paid a $0.36 dividend. The ex-dividend date was Friday, September 12th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.3%. Frontline's dividend payout ratio is currently 134.58%.

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.

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