Graham Capital Management L.P. Acquires New Shares in Frontline PLC $FRO

Key Points

• Graham Capital Management L.P. made a new investment of $531,000 in shares of Frontline PLC, purchasing 35,767 shares in the first quarter.
• Frontline PLC announced a quarterly dividend of $0.36 per share, with an annualized yield of 6.5%, payable on September 24th to shareholders of record on September 12th.
• For the last quarter, Frontline's earnings missed analyst estimates, reporting $0.36 earnings per share (EPS) compared to the expected $0.42, alongside a revenue of $282.95 million.

Graham Capital Management L.P. bought a new stake in Frontline PLC (NYSE:FRO - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 35,767 shares of the shipping company's stock, valued at approximately $531,000.

A number of other large investors also recently made changes to their positions in the company. Bank of New York Mellon Corp grew its holdings in Frontline by 761.8% in the 1st quarter. Bank of New York Mellon Corp now owns 648,836 shares of the shipping company's stock valued at $9,635,000 after buying an additional 573,544 shares in the last quarter. Hartree Partners LP boosted its position in shares of Frontline by 38.8% in the first quarter. Hartree Partners LP now owns 1,472,220 shares of the shipping company's stock valued at $21,851,000 after acquiring an additional 411,220 shares during the period. SG Americas Securities LLC grew its stake in shares of Frontline by 607.8% in the first quarter. SG Americas Securities LLC now owns 234,429 shares of the shipping company's stock valued at $3,481,000 after acquiring an additional 201,308 shares in the last quarter. MYDA Advisors LLC acquired a new position in shares of Frontline in the first quarter valued at about $2,331,000. Finally, Point72 Asset Management L.P. bought a new position in Frontline during the fourth quarter worth about $2,134,000. Institutional investors own 22.70% of the company's stock.

Frontline Price Performance

Frontline stock traded up $0.45 during trading hours on Thursday, reaching $23.02. 2,637,336 shares of the stock were exchanged, compared to its average volume of 2,283,119. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 1.38. Frontline PLC has a twelve month low of $12.40 and a twelve month high of $25.68. The company has a market cap of $5.12 billion, a P/E ratio of 21.51 and a beta of 0.25. The stock has a 50 day moving average of $19.58 and a two-hundred day moving average of $17.65.

Frontline (NYSE:FRO - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $282.95 million for the quarter, compared to the consensus estimate of $328.71 million. Frontline had a return on equity of 10.27% and a net margin of 12.94%.The business's revenue was up 34.2% on a year-over-year basis. During the same period last year, the company posted $0.62 EPS. Equities analysts expect that Frontline PLC will post 1.78 EPS for the current fiscal year.

Frontline Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 6.3%. Frontline's dividend payout ratio is presently 67.29%.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Jefferies Financial Group reissued a "buy" rating and issued a $25.00 price objective on shares of Frontline in a report on Friday, August 29th. Wall Street Zen cut Frontline from a "hold" rating to a "sell" rating in a research note 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 issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $21.87.

About Frontline

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.