Frontline PLC $FRO Shares Bought by Deutsche Bank AG

Key Points

• Deutsche Bank AG increased its stake in Frontline PLC by 9.6% during the first quarter, bringing its total holdings to 366,556 shares valued at approximately $5.44 million.
• Analysts have mixed opinions on Frontline's stock, with consensus ratings showing two sell ratings, three buy ratings, and a consensus target price of $20.62.
• The shipping company reported an earnings per share (EPS) of $0.18 for the last quarter, which met analysts' expectations, despite a revenue decline of 26% compared to the previous year.

Deutsche Bank AG boosted its position in Frontline PLC (NYSE:FRO - Free Report) by 9.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 366,556 shares of the shipping company's stock after purchasing an additional 32,213 shares during the quarter. Deutsche Bank AG owned approximately 0.16% of Frontline worth $5,443,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new position in Frontline in the fourth quarter worth about $424,000. Svenska Handelsbanken AB publ raised its holdings in Frontline by 82.7% in the first quarter. Svenska Handelsbanken AB publ now owns 54,976 shares of the shipping company's stock worth $803,000 after purchasing an additional 24,878 shares in the last quarter. Mackenzie Financial Corp bought a new position in Frontline in the first quarter worth about $229,000. Aquatic Capital Management LLC bought a new position in Frontline in the fourth quarter worth about $457,000. Finally, Bank of New York Mellon Corp raised its holdings in Frontline by 761.8% in the first quarter. Bank of New York Mellon Corp now owns 648,836 shares of the shipping company's stock worth $9,635,000 after purchasing an additional 573,544 shares in the last quarter. 22.70% of the stock is currently owned by institutional investors.

Frontline Stock Up 6.5%

Shares of FRO stock traded up $1.2450 during trading hours on Thursday, reaching $20.2850. 3,821,253 shares of the company's stock were exchanged, compared to its average volume of 2,025,788. Frontline PLC has a 1 year low of $12.40 and a 1 year high of $25.68. The stock has a market cap of $4.52 billion, a PE ratio of 13.00 and a beta of 0.22. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 1.44. The stock's fifty day moving average price is $18.59 and its two-hundred day moving average price is $17.25.

Frontline (NYSE:FRO - Get Free Report) last issued its quarterly earnings results on Friday, May 23rd. The shipping company reported $0.18 earnings per share for the quarter, hitting analysts' consensus estimates of $0.18. Frontline had a return on equity of 12.67% and a net margin of 17.67%.The business had revenue of $427.87 million for the quarter, compared to analyst estimates of $252.26 million. During the same quarter in the previous year, the firm earned $0.62 earnings per share. The company's revenue was down 26.0% on a year-over-year basis. Research analysts predict that Frontline PLC will post 1.78 EPS for the current year.

Frontline Dividend Announcement

The firm also recently declared a dividend, which was paid on Tuesday, June 24th. Investors of record on Friday, June 13th were issued a $0.18 dividend. This represents a yield of 397.0%. The ex-dividend date was Thursday, June 12th. Frontline's dividend payout ratio is 46.15%.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded shares of Frontline from a "hold" rating to a "sell" rating in a report on Sunday, July 6th. One equities 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 stock. According to MarketBeat, Frontline presently has an average rating of "Moderate Buy" and a consensus price target of $20.62.

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.