Energy Income Partners LLC Increases Position in Frontline PLC $FRO

Key Points

• Energy Income Partners LLC increased its holdings in Frontline PLC by 87.5% during the first quarter, now owning 68,919 shares valued at approximately $1.02 million.
• Frontline reported $0.36 EPS for the last quarter, missing estimates, while its revenue increased by 34.2% year-over-year, totaling $282.95 million.
• The company announced a quarterly dividend of $0.36 per share, yielding 6.9%, with a payout ratio currently at 134.58%.

Energy Income Partners LLC lifted its holdings in Frontline PLC (NYSE:FRO - Free Report) by 87.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 68,919 shares of the shipping company's stock after buying an additional 32,164 shares during the quarter. Energy Income Partners LLC's holdings in Frontline were worth $1,023,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Frontline by 1.0% in the first quarter. Vanguard Group Inc. now owns 5,547,556 shares of the shipping company's stock worth $81,538,000 after buying an additional 54,471 shares during the period. BNP Paribas Financial Markets bought a new position in Frontline in the fourth quarter worth approximately $424,000. Summit Securities Group LLC boosted its position in Frontline by 5,771.9% during the 1st quarter. Summit Securities Group LLC now owns 46,975 shares of the shipping company's stock valued at $698,000 after acquiring an additional 46,175 shares in the last quarter. Svenska Handelsbanken AB publ boosted its position in Frontline by 82.7% during the 1st quarter. Svenska Handelsbanken AB publ now owns 54,976 shares of the shipping company's stock valued at $803,000 after acquiring an additional 24,878 shares in the last quarter. Finally, Mackenzie Financial Corp bought a new stake in Frontline during the 1st quarter valued at $229,000. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Stock Performance

FRO stock traded down $0.04 during midday trading on Thursday, reaching $21.78. The stock had a trading volume of 2,729,021 shares, compared to its average volume of 2,996,111. The stock has a market cap of $4.85 billion, a PE ratio of 20.35 and a beta of 0.25. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.82 and a current ratio of 1.82. The firm has a fifty day simple moving average of $18.92 and a two-hundred day simple moving average of $17.42. Frontline PLC has a 52-week low of $12.40 and a 52-week high of $25.68.

Frontline (NYSE:FRO - Get Free Report) last released its quarterly earnings data on Friday, August 29th. The shipping company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.42 by ($0.06). The company had revenue of $282.95 million for the quarter, compared to analysts' expectations of $328.71 million. Frontline had a net margin of 12.94% and a return on equity of 10.31%. The business's quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.62 EPS. As a group, equities research analysts anticipate that Frontline PLC will post 1.78 EPS for the current year.

Frontline Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Friday, September 12th will be paid a dividend of $0.36 per share. The ex-dividend date is Friday, September 12th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 6.6%. Frontline's dividend payout ratio (DPR) is presently 67.29%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FRO shares. Wall Street Zen cut Frontline from a "hold" rating to a "sell" rating in a research report on Sunday, July 6th. Jefferies Financial Group reissued a "buy" rating and issued a $25.00 price objective on shares of Frontline in a research report on Friday, August 29th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $21.87.

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.