Frontline PLC (NYSE:FRO) Shares Sold by GSA Capital Partners LLP

Key Points

• GSA Capital Partners LLP sold 93,510 shares of Frontline PLC, reducing its stake by 26.6%, which now constitutes about 0.3% of its investment portfolio.
• Frontline's shares have seen fluctuations, currently trading around $19.18, with a 1-year range from $12.40 to $25.68.
• Analysts have set a consensus price target of $20.62 for Frontline, with two analysts rating it a sell, and three giving it a buy rating.

GSA Capital Partners LLP decreased its stake in Frontline PLC (NYSE:FRO - Free Report) by 26.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 257,924 shares of the shipping company's stock after selling 93,510 shares during the quarter. Frontline makes up 0.3% of GSA Capital Partners LLP's holdings, making the stock its 5th largest position. GSA Capital Partners LLP owned about 0.12% of Frontline worth $3,830,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its stake in Frontline by 65.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 71,972 shares of the shipping company's stock valued at $1,021,000 after buying an additional 28,478 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in shares of Frontline during the fourth quarter valued at approximately $424,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Frontline during the fourth quarter valued at approximately $342,000. Discovery Capital Management LLC CT acquired a new position in shares of Frontline during the fourth quarter valued at approximately $3,548,000. Finally, Svenska Handelsbanken AB publ raised its holdings in shares of Frontline by 82.7% during the first 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 during the last quarter. Institutional investors and hedge funds own 22.70% of the company's stock.

Frontline Price Performance

Shares of NYSE:FRO traded up $0.43 during midday trading on Friday, hitting $18.85. The company had a trading volume of 1,358,274 shares, compared to its average volume of 3,086,788. Frontline PLC has a twelve month low of $12.40 and a twelve month high of $25.68. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.82 and a quick ratio of 1.82. The stock has a market cap of $4.20 billion, a price-to-earnings ratio of 12.08 and a beta of 0.25. The business's 50-day simple moving average is $18.24 and its 200-day simple moving average is $17.03.

Frontline (NYSE:FRO - Get Free Report) last released its quarterly earnings results on Friday, May 23rd. The shipping company reported $0.18 EPS for the quarter, meeting the consensus estimate of $0.18. The firm had revenue of $427.87 million for the quarter, compared to analyst estimates of $252.26 million. Frontline had a net margin of 17.67% and a return on equity of 12.67%. The business's revenue for the quarter was down 26.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.62 EPS. On average, research analysts predict that Frontline PLC will post 1.78 earnings per share for the current year.

Frontline Dividend Announcement

The firm also recently announced a dividend, which was paid on Tuesday, June 24th. Shareholders 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 yield of 397.0%. Frontline's dividend payout ratio (DPR) is 46.15%.

Analysts Set New Price Targets

A number of brokerages have commented on FRO. Evercore ISI reduced their target price on Frontline from $22.00 to $20.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Wall Street Zen cut Frontline from a "hold" rating to a "sell" rating in a report on Sunday, July 6th. Two research analysts have rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Frontline currently has an average rating of "Moderate Buy" and an average price target of $20.62.

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.