KLP Kapitalforvaltning AS Buys Shares of 27,625 Frontline PLC $FRO

Key Points

• KLP Kapitalforvaltning AS acquired 27,625 shares of Frontline PLC, valued at approximately $453,000, in the 2nd quarter.
• Frontline reported earnings per share of $0.36, missing estimates by $0.06, with revenues of $282.95 million, which was below the consensus of $328.71 million.
• The company recently announced a quarterly dividend of $0.36 per share, yielding 6.2%, although it has a high payout ratio of 134.58%.

KLP Kapitalforvaltning AS bought a new stake in Frontline PLC (NYSE:FRO - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 27,625 shares of the shipping company's stock, valued at approximately $453,000.

Several other hedge funds have also recently bought and sold shares of the company. Signaturefd LLC increased its holdings in 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. Thurston Springer Miller Herd & Titak Inc. bought a new position in Frontline in the 2nd quarter valued at about $33,000. SVB Wealth LLC bought a new position in Frontline in the 1st quarter valued at about $32,000. Bayforest Capital Ltd bought a new position in Frontline in the 1st quarter valued at about $34,000. Finally, Private Advisor Group LLC increased its holdings in Frontline by 10.4% in the 1st quarter. Private Advisor Group LLC now owns 30,968 shares of the shipping company's stock valued at $460,000 after buying an additional 2,915 shares during the period. 22.70% of the stock is owned by institutional investors.

Frontline Trading Up 1.6%

FRO opened at $23.38 on Friday. Frontline PLC has a fifty-two week low of $12.40 and a fifty-two week high of $24.27. 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 firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of 21.85 and a beta of 0.20. The company's 50 day moving average price is $21.84 and its two-hundred day moving average price is $18.98.

Frontline (NYSE:FRO - Get Free Report) last posted its 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). Frontline had a return on equity of 10.27% and a net margin of 12.94%.The business had revenue of $282.95 million for the quarter, compared to the consensus estimate of $328.71 million. During the same period in the previous year, the firm earned $0.62 earnings per share. The company's revenue was up 34.2% compared to the same quarter last year. As a group, 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 quarterly dividend, which was paid on Wednesday, September 24th. Shareholders of record on Friday, September 12th were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date of this dividend was Friday, September 12th. Frontline's payout ratio is presently 134.58%.

Wall Street Analyst Weigh In

FRO has been the topic of several research reports. BTIG Research lifted their price target on shares of Frontline from $25.00 to $30.00 and gave the company a "buy" rating in a report on Wednesday, September 17th. Wall Street Zen raised shares of Frontline from a "sell" rating to a "hold" rating in a report on Friday, September 26th. Jefferies Financial Group reaffirmed a "buy" rating and set a $25.00 price target on shares of Frontline in a report on Friday, August 29th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Frontline in a report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price 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.

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