SeaCrest Wealth Management LLC Cuts Stake in Frontline PLC $FRO

Key Points

• SeaCrest Wealth Management LLC significantly reduced its stake in Frontline PLC by 76.2%, selling 41,425 shares to hold 12,950 shares, valued at approximately $213,000.
• Frontline's quarterly earnings report missed estimates, reporting $0.36 EPS against a forecast of $0.42, while revenue rose 34.2% year-over-year but was below expectations.
• The company announced a $0.36 quarterly dividend with a dividend yield of 6.0%, signaling a high payout ratio of 134.58% regarding dividends relative to earnings.

SeaCrest Wealth Management LLC reduced its stake in Frontline PLC (NYSE:FRO - Free Report) by 76.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,950 shares of the shipping company's stock after selling 41,425 shares during the period. SeaCrest Wealth Management LLC's holdings in Frontline were worth $213,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Frontline by 1.0% in the first quarter. Vanguard Group Inc. now owns 5,547,556 shares of the shipping company's stock worth $81,538,000 after acquiring an additional 54,471 shares during the last quarter. Encompass Capital Advisors LLC purchased a new stake in shares of Frontline during the first quarter valued at $45,026,000. Hartree Partners LP boosted its position in shares of Frontline by 38.8% during the first quarter. Hartree Partners LP now owns 1,472,220 shares of the shipping company's stock valued at $21,851,000 after buying an additional 411,220 shares during the last quarter. Corigliano Investment Advisers LLC purchased a new stake in shares of Frontline during the first quarter valued at $12,002,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Frontline by 761.8% during the first quarter. Bank of New York Mellon Corp now owns 648,836 shares of the shipping company's stock valued at $9,635,000 after buying an additional 573,544 shares during the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

Frontline Stock Up 4.0%

NYSE FRO opened at $24.03 on Wednesday. The stock's 50-day moving average price is $20.43 and its 200-day moving average price is $18.08. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 1.38. Frontline PLC has a 52 week low of $12.40 and a 52 week high of $25.68. The company has a market capitalization of $5.35 billion, a P/E ratio of 22.46 and a beta of 0.25.

Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings data on Friday, August 29th. The shipping company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.06). Frontline had a return on equity of 10.27% and a net margin of 12.94%.The company had revenue of $282.95 million during the quarter, compared to the consensus estimate of $328.71 million. During the same period last year, the business earned $0.62 EPS. The firm's quarterly revenue was up 34.2% compared to the same quarter last year. On average, equities research analysts predict that Frontline PLC will post 1.78 earnings per share for the current year.

Frontline Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Friday, September 12th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $1.44 annualized dividend and a dividend yield of 6.0%. Frontline's dividend payout ratio (DPR) is 134.58%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. BTIG Research increased their price objective on Frontline from $25.00 to $30.00 and gave the company a "buy" rating in a research report on Wednesday, September 17th. Jefferies Financial Group reaffirmed a "buy" rating and set a $25.00 price objective on shares of Frontline in a research report on Friday, August 29th. Finally, Wall Street Zen cut Frontline from a "hold" rating to a "sell" rating in a research report on Sunday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Frontline presently has an average rating of "Moderate Buy" and a consensus target price of $21.87.

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.

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