Frontline PLC (NYSE:FRO) Shares Purchased by Svenska Handelsbanken AB publ

Svenska Handelsbanken AB publ increased its holdings in shares of Frontline PLC (NYSE:FRO - Free Report) by 82.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 54,976 shares of the shipping company's stock after purchasing an additional 24,878 shares during the quarter. Frontline makes up approximately 0.8% of Svenska Handelsbanken AB publ's portfolio, making the stock its 6th biggest position. Svenska Handelsbanken AB publ's holdings in Frontline were worth $803,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Jones Financial Companies Lllp acquired a new position in Frontline in the fourth quarter valued at $31,000. National Bank of Canada FI boosted its position in shares of Frontline by 331.8% in the 4th quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company's stock valued at $87,000 after purchasing an additional 4,738 shares during the period. Nexpoint Asset Management L.P. acquired a new stake in shares of Frontline in the 4th quarter valued at about $159,000. Tower Research Capital LLC TRC grew its stake in Frontline by 5,500.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,200 shares of the shipping company's stock worth $159,000 after buying an additional 11,000 shares during the last quarter. Finally, Boothbay Fund Management LLC acquired a new position in Frontline during the fourth quarter worth approximately $173,000. 22.70% of the stock is owned by institutional investors and hedge funds.

Frontline Price Performance

Shares of Frontline stock traded up $0.44 during trading on Thursday, reaching $17.43. The company's stock had a trading volume of 1,720,957 shares, compared to its average volume of 2,669,170. The business has a 50 day moving average price of $17.79 and a 200-day moving average price of $16.49. Frontline PLC has a 12-month low of $12.40 and a 12-month high of $25.68. The company has a market capitalization of $3.88 billion, a P/E ratio of 11.17 and a beta of 0.25. 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 (NYSE:FRO - Get Free Report) last released its earnings results on Friday, May 23rd. The shipping company reported $0.18 EPS for the quarter, meeting analysts' consensus estimates of $0.18. Frontline had a return on equity of 12.67% and a net margin of 17.67%. The company had revenue of $427.87 million during the quarter, compared to the consensus estimate of $252.26 million. During the same quarter last year, the company earned $0.62 earnings per share. Frontline's quarterly revenue was down 26.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Frontline PLC will post 1.78 EPS for the current year.

Frontline Dividend Announcement

The business also recently disclosed a dividend, which was paid on Tuesday, June 24th. Investors of record on Friday, June 13th were paid a $0.18 dividend. This represents a dividend yield of 3.97%. The ex-dividend date of this dividend was Thursday, June 12th. Frontline's dividend payout ratio (DPR) is 46.15%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on FRO shares. Kepler Capital Markets set a $12.49 price objective on Frontline in a report on Thursday, March 27th. Evercore ISI lowered their target price on Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Finally, Wall Street Zen upgraded Frontline from a "sell" rating to a "hold" rating in a research note on Saturday, June 28th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $20.62.

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.