Energy Income Partners LLC Buys New Shares in Frontline PLC $FRO

Key Points

• Energy Income Partners purchased 34,536 Frontline shares in the second quarter, valued at approximately $1.2 million. Institutional investors collectively own 22.7% of the company.
• Frontline’s stock rose 3.1% to $43.49, near its 12-month high of $43.89, while the company increased its quarterly dividend to $1.55, representing a 14.3% annualized yield.
• Analyst sentiment remains mixed, with four Buy ratings and five Holds; the consensus rating is Hold with a $41.62 price target, although BTIG raised its target to $55.

Energy Income Partners LLC bought a new position in shares of Frontline PLC (NYSE:FRO - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 34,536 shares of the shipping company's stock, valued at approximately $1,202,000.

Several other large investors also recently bought and sold shares of FRO. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Frontline in the 4th quarter valued at about $25,000. Assetmark Inc. increased its stake in shares of Frontline by 278.6% during the first quarter. Assetmark Inc. now owns 973 shares of the shipping company's stock worth $34,000 after buying an additional 716 shares during the period. Sunbelt Securities Inc. acquired a new stake in Frontline in the third quarter valued at approximately $41,000. Parallel Advisors LLC raised its holdings in Frontline by 58.9% in 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 in the last quarter. Finally, Global Retirement Partners LLC purchased a new position in Frontline in the second quarter worth approximately $48,000. Hedge funds and other institutional investors own 22.70% of the company's stock.

Frontline Trading Up 3.1%

NYSE FRO opened at $43.49 on Wednesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.03 and a quick ratio of 2.03. The firm's fifty day moving average price is $38.59 and its 200 day moving average price is $35.98. The company has a market capitalization of $9.68 billion, a price-to-earnings ratio of 10.71 and a beta of 0.02. Frontline PLC has a 12 month low of $18.43 and a 12 month high of $43.89.

Frontline Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th were paid a $1.55 dividend. This is a boost from Frontline's previous quarterly dividend of $1.03. This represents a $6.20 annualized dividend and a yield of 14.3%. The ex-dividend date was Friday, June 12th. Frontline's payout ratio is currently 152.71%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Danske cut shares of Frontline to a "hold" rating in a report on Tuesday, May 26th. Evercore lowered shares of Frontline from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 21st. Wall Street Zen cut shares of Frontline from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Weiss Ratings downgraded shares of Frontline from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, August 12th. Finally, BTIG Research boosted their target price on shares of Frontline from $45.00 to $55.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. 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, the company presently has a consensus rating of "Hold" and a consensus price target 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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