Murchinson Ltd. Purchases New Holdings in Frontline PLC $FRO

Key Points

• Murchinson Ltd. acquired a new position in Frontline PLC, purchasing 45,540 shares valued at approximately $676,000 during the first quarter.
• Frontline reported a Q2 EPS of $0.36, which fell short of analyst expectations of $0.42, along with a year-over-year revenue increase of 34.2%.
• The company also announced a quarterly dividend of $0.36 per share, representing an annualized dividend yield of 6.5%.

Murchinson Ltd. acquired a new position in shares of Frontline PLC (NYSE:FRO - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 45,540 shares of the shipping company's stock, valued at approximately $676,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. SVB Wealth LLC acquired a new position in Frontline during the first quarter worth $32,000. Bayforest Capital Ltd acquired a new position in Frontline during the first quarter worth $34,000. Signaturefd LLC raised its holdings in 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 last quarter. Golden State Wealth Management LLC raised its holdings in Frontline by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 11,800 shares of the shipping company's stock worth $175,000 after purchasing an additional 5,900 shares during the last quarter. Finally, MQS Management LLC acquired a new position in Frontline during the first quarter worth $204,000. 22.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FRO shares. Jefferies Financial Group reaffirmed a "buy" rating and set 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 report on Sunday, July 6th. One research 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 data from MarketBeat.com, Frontline has a consensus rating of "Moderate Buy" and a consensus target price of $21.87.

Frontline Trading Up 1.1%

FRO stock traded up $0.25 during trading on Thursday, reaching $22.82. 1,460,025 shares of the stock traded hands, compared to its average volume of 2,980,634. Frontline PLC has a 52-week low of $12.40 and a 52-week high of $25.68. The business's 50 day moving average price is $19.47 and its 200-day moving average price is $17.60. 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 $5.08 billion, a PE ratio of 21.32 and a beta of 0.25.

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

Frontline Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 24th. Investors of record on Friday, September 12th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $1.44 dividend on an annualized basis and a yield of 6.3%. Frontline's dividend payout ratio is currently 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.