Oxbow Advisors LLC Buys Shares of 390,459 Frontline PLC $FRO

Key Points

• Oxbow Advisors LLC acquired 390,459 shares of Frontline PLC, valued at approximately $6.4 million, during the second quarter, giving it about 0.18% ownership in the company.
• Frontline reported earnings per share of $0.36 for the last quarter, which fell short of analysts' estimates of $0.42, while also showing a year-over-year revenue increase of 34.2%.
• The company declared a quarterly dividend of $0.36 per share, representing an annualized dividend of $1.44 and a dividend yield of 6.3%.

Oxbow Advisors LLC purchased a new position in Frontline PLC (NYSE:FRO - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 390,459 shares of the shipping company's stock, valued at approximately $6,407,000. Oxbow Advisors LLC owned approximately 0.18% of Frontline at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of FRO. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Frontline during the 2nd quarter worth approximately $33,000. SVB Wealth LLC purchased a new position in shares of Frontline during the 1st quarter valued at $32,000. Bayforest Capital Ltd bought a new position in shares of Frontline in the first quarter worth $34,000. Signaturefd LLC increased its holdings in shares of Frontline by 59.3% in 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. Finally, Golden State Wealth Management LLC raised its position in shares of Frontline by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 11,800 shares of the shipping company's stock worth $175,000 after buying an additional 5,900 shares in the last quarter. Hedge funds and other institutional investors own 22.70% of the company's stock.

Frontline Stock Performance

NYSE:FRO opened at $23.00 on Friday. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.88 and a current ratio of 1.88. Frontline PLC has a fifty-two week low of $12.40 and a fifty-two week high of $24.27. The firm has a market cap of $5.12 billion, a PE ratio of 21.50 and a beta of 0.20. The business has a 50 day moving average price of $21.75 and a 200-day moving average price of $18.89.

Frontline (NYSE:FRO - Get Free Report) last announced its quarterly 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). Frontline had a net margin of 12.94% and a return on equity of 10.27%. The firm had revenue of $282.95 million for the quarter, compared to analysts' expectations of $328.71 million. During the same period in the previous year, the company earned $0.62 EPS. The company's quarterly revenue was up 34.2% on a year-over-year basis. Equities 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. Stockholders of record on Friday, September 12th were paid a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, September 12th. This represents a $1.44 annualized dividend and a dividend yield of 6.3%. Frontline's payout ratio is 134.58%.

Analyst Upgrades and Downgrades

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