Royal Bank of Canada Raises Stake in Frontline PLC $FRO

Key Points

• Royal Bank of Canada increased its Frontline stake by 57.7% in the first quarter, owning 68,954 shares valued at approximately $2.4 million. Institutional investors collectively hold 22.7% of FRO’s outstanding shares.
• Frontline raised its quarterly dividend to $1.55 per share, equivalent to an annualized $6.20 payout and a 15.0% yield, though its payout ratio is elevated at 152.71%.
• FRO opened at $41.20, near analysts’ average price target of $41.62. Analyst sentiment is mixed, with four Buy ratings and five Holds, while BTIG raised its target to $55.

Royal Bank of Canada boosted its position in Frontline PLC (NYSE:FRO - Free Report) by 57.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,954 shares of the shipping company's stock after buying an additional 25,218 shares during the quarter. Royal Bank of Canada's holdings in Frontline were worth $2,403,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in FRO. Assetmark Inc. boosted its stake in shares of Frontline by 278.6% in the 1st quarter. Assetmark Inc. now owns 973 shares of the shipping company's stock valued at $34,000 after purchasing an additional 716 shares in the last quarter. University of Texas Texas AM Investment Management Co. purchased a new position in Frontline in the 4th quarter worth $25,000. Parallel Advisors LLC lifted its stake in Frontline by 58.9% in the first quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company's stock worth $46,000 after purchasing an additional 486 shares during the last quarter. NFSG Corp lifted its stake in Frontline by 50.0% in the first quarter. NFSG Corp now owns 1,500 shares of the shipping company's stock worth $52,000 after purchasing an additional 500 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new stake in Frontline during the third quarter valued at about $41,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

Frontline Stock Down 0.0%

NYSE FRO opened at $41.20 on Monday. Frontline PLC has a 1 year low of $18.43 and a 1 year high of $43.10. The stock has a market capitalization of $9.17 billion, a PE ratio of 10.15 and a beta of 0.02. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.03 and a quick ratio of 2.03. The business's 50-day moving average is $38.30 and its 200 day moving average is $35.77.

Frontline Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Friday, June 12th were issued a dividend of $1.55 per share. This is a boost from Frontline's previous quarterly dividend of $1.03. This represents a $6.20 dividend on an annualized basis and a dividend yield of 15.0%. The ex-dividend date was Friday, June 12th. Frontline's dividend payout ratio is currently 152.71%.

Analyst Ratings Changes

FRO has been the topic of a number of recent research reports. Danske cut Frontline to a "hold" rating in a research note on Tuesday, May 26th. Wall Street Zen cut Frontline from a "strong-buy" rating to a "buy" rating in a report on Saturday. BTIG Research increased their target price on Frontline from $45.00 to $55.00 and gave the company a "buy" rating in a report on Wednesday, June 24th. Evercore lowered Frontline from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 21st. Finally, Weiss Ratings cut Frontline from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday. Four research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Frontline presently has an average rating of "Hold" and an average price target of $41.62.

Frontline Profile

Frontline Ltd. NYSE: FRO is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company's core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline's fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.

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