Hartree Partners LP Grows Stock Holdings in 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 lifted its holdings in Frontline PLC (NYSE:FRO - Free Report) by 38.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,472,220 shares of the shipping company's stock after buying an additional 411,220 shares during the period. Frontline makes up approximately 7.8% of Hartree Partners LP's portfolio, making the stock its 4th biggest holding. Hartree Partners LP owned 0.66% of Frontline worth $21,851,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FRO. Bayforest Capital Ltd bought a new stake in shares of Frontline in the 1st quarter worth approximately $34,000. Signaturefd LLC raised its holdings in shares of Frontline by 59.3% in the 1st quarter. Signaturefd LLC now owns 2,657 shares of the shipping company's stock worth $39,000 after purchasing an additional 989 shares during the period. Nexpoint Asset Management L.P. bought a new stake in shares of Frontline in the 4th quarter worth approximately $159,000. Tower Research Capital LLC TRC raised its holdings in shares of Frontline by 5,500.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,200 shares of the shipping company's stock worth $159,000 after purchasing an additional 11,000 shares during the period. Finally, Boothbay Fund Management LLC bought a new stake in shares of Frontline in the 4th quarter worth approximately $173,000. Hedge funds and other institutional investors own 22.70% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut shares of Frontline from a "hold" rating to a "sell" rating in a report on Sunday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $20.62.

Frontline Stock Performance

FRO stock traded up $0.45 during midday trading on Wednesday, reaching $20.55. 2,655,073 shares of the company's stock traded hands, compared to its average volume of 2,993,163. The company has a 50-day moving average price of $18.64 and a two-hundred day moving average price of $17.28. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.82 and a current ratio of 1.82. Frontline PLC has a 52 week low of $12.40 and a 52 week high of $25.68. The firm has a market capitalization of $4.57 billion, a PE ratio of 13.17 and a beta of 0.22.

Frontline Dividend Announcement

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