15,687 Shares in Frontline PLC (NYSE:FRO) Purchased by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp acquired a new stake in Frontline PLC by purchasing 15,687 shares valued at approximately $229,000 during the first quarter.
• Frontline reported a net margin of 17.67% and revenue of $427.87 million for the last quarter, significantly exceeding analysts' expectations of $252.26 million.
• The company recently declared a dividend of $0.18 per share, representing a high yield of 397.0%, with a payout ratio of 46.15%.

Mackenzie Financial Corp purchased a new stake in shares of Frontline PLC (NYSE:FRO - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 15,687 shares of the shipping company's stock, valued at approximately $229,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. TD Asset Management Inc boosted its position in Frontline by 47.4% during the 1st quarter. TD Asset Management Inc now owns 15,544 shares of the shipping company's stock worth $227,000 after buying an additional 4,997 shares during the period. Private Advisor Group LLC raised its stake in shares of Frontline by 10.4% during the first quarter. Private Advisor Group LLC now owns 30,968 shares of the shipping company's stock valued at $460,000 after acquiring an additional 2,915 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of Frontline by 59.3% during the first quarter. Signaturefd LLC now owns 2,657 shares of the shipping company's stock worth $39,000 after purchasing an additional 989 shares during the period. MQS Management LLC bought a new stake in shares of Frontline in the first quarter worth $204,000. Finally, Envestnet Asset Management Inc. increased its holdings in Frontline by 21.0% in the first quarter. Envestnet Asset Management Inc. now owns 36,502 shares of the shipping company's stock valued at $542,000 after purchasing an additional 6,334 shares during the period. 22.70% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FRO has been the subject of a number of recent research reports. Evercore ISI decreased their price objective 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 downgraded 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $20.62.

Frontline Trading Up 0.5%

FRO traded up $0.09 during trading on Tuesday, reaching $18.57. 1,457,507 shares of the stock traded hands, compared to its average volume of 2,125,519. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 1.44. The stock has a market capitalization of $4.13 billion, a PE ratio of 11.90 and a beta of 0.22. The stock's 50-day moving average is $18.43 and its 200 day moving average is $17.15. Frontline PLC has a 12 month low of $12.40 and a 12 month high of $25.68.

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

Frontline Announces Dividend

The business also recently disclosed a dividend, which was paid on Tuesday, June 24th. Stockholders of record on Friday, June 13th were given a dividend of $0.18 per share. This represents a dividend yield of 397.0%. The ex-dividend date of this dividend was Thursday, June 12th. Frontline's dividend payout ratio is 46.15%.

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.