Hartree Partners LP Purchases 411,220 Shares of Frontline PLC $FRO

Key Points

• Hartree Partners LP increased its ownership of Frontline PLC shares by 38.8% in the first quarter, now holding 1,472,220 shares valued at approximately $21.85 million.
• Analysts have lowered Frontline's rating from "hold" to "sell," with a current consensus target price set at $20.62.
• Frontline announced a dividend payout of $0.18 per share, resulting in a substantial yield of 397.0%.

Hartree Partners LP grew its position in Frontline PLC (NYSE:FRO - Free Report) by 38.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,472,220 shares of the shipping company's stock after buying an additional 411,220 shares during the period. Frontline accounts for about 7.8% of Hartree Partners LP's portfolio, making the stock its 4th largest position. Hartree Partners LP owned approximately 0.66% of Frontline worth $21,851,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of FRO. Russell Investments Group Ltd. raised its position in shares of Frontline by 1,117.1% in the 4th quarter. Russell Investments Group Ltd. now owns 20,727 shares of the shipping company's stock valued at $286,000 after purchasing an additional 19,024 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Frontline in the 4th quarter valued at approximately $241,000. Barclays PLC raised its position in shares of Frontline by 135.5% in the 4th quarter. Barclays PLC now owns 487,597 shares of the shipping company's stock valued at $6,921,000 after purchasing an additional 280,588 shares during the last quarter. Guggenheim Capital LLC purchased a new position in shares of Frontline in the 4th quarter valued at approximately $203,000. Finally, Jump Financial LLC purchased a new position in shares of Frontline in the 4th quarter valued at approximately $271,000. 22.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of Frontline from a "hold" rating to a "sell" rating in a research report 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 given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.62.

Frontline Stock Performance

Shares of NYSE FRO traded up $0.05 during midday trading on Thursday, reaching $20.57. 1,113,593 shares of the stock were exchanged, compared to its average volume of 2,981,377. The firm has a market cap of $4.58 billion, a price-to-earnings ratio of 13.18 and a beta of 0.22. Frontline PLC has a twelve month low of $12.40 and a twelve month high of $25.68. The firm has a 50-day simple moving average of $18.66 and a two-hundred day simple moving average of $17.30. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 1.44.

Frontline Announces Dividend

The company also recently disclosed a dividend, which was paid on Tuesday, June 24th. Stockholders of record on Friday, June 13th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, June 12th. This represents a dividend yield of 397.0%. Frontline's dividend payout ratio (DPR) is presently 46.15%.

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.