Interval Partners LP Makes New Investment in Frontline PLC $FRO

Key Points

• Interval Partners LP has acquired a new position in Frontline PLC, purchasing 36,181 shares worth approximately $537,000.
• Frontline recently announced a quarterly dividend of $0.36 per share, translating to an annualized dividend yield of 6.5%.
• Analysts have mixed ratings for Frontline, with recent price targets ranging from $21.87 to $25.00, indicating a Moderate Buy consensus.

Interval Partners LP bought a new position in shares of Frontline PLC (NYSE:FRO - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 36,181 shares of the shipping company's stock, valued at approximately $537,000.

Other large investors have also modified their holdings of the company. SVB Wealth LLC acquired a new stake in Frontline during the 1st quarter valued at $32,000. Bayforest Capital Ltd bought a new stake in shares of Frontline in the 1st quarter worth about $34,000. Signaturefd LLC boosted 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 valued at $39,000 after buying an additional 989 shares during the period. Golden State Wealth Management LLC boosted its stake in Frontline by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 11,800 shares of the shipping company's stock valued at $175,000 after purchasing an additional 5,900 shares during the period. Finally, MQS Management LLC acquired a new position in Frontline during the 1st quarter valued at about $204,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on FRO shares. Jefferies Financial Group reissued a "buy" rating and set a $25.00 target price on shares of Frontline in a research note on Friday, August 29th. Wall Street Zen downgraded shares of Frontline from a "hold" rating to a "sell" rating in a research report on Sunday, July 6th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $21.87.

Frontline Stock Performance

Shares of NYSE FRO traded up $0.19 during trading hours on Thursday, hitting $22.76. 1,256,773 shares of the stock were exchanged, compared to its average volume of 2,979,305. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.88 and a quick ratio of 1.88. The company's 50 day moving average is $19.47 and its 200 day moving average is $17.60. The firm has a market capitalization of $5.07 billion, a P/E ratio of 21.29 and a beta of 0.25. Frontline PLC has a one year low of $12.40 and a one year high of $25.68.

Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings data on Friday, August 29th. The shipping company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.06). Frontline had a return on equity of 10.27% and a net margin of 12.94%.The firm had revenue of $282.95 million for the quarter, compared to the consensus estimate of $328.71 million. During the same period in the prior year, the company posted $0.62 earnings per share. Frontline's quarterly revenue was up 34.2% on a year-over-year basis. On average, research analysts expect that Frontline PLC will post 1.78 EPS for the current year.

Frontline Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Friday, September 12th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 6.3%. The ex-dividend date is Friday, September 12th. Frontline's dividend payout ratio (DPR) is presently 67.29%.

Frontline 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.