Skandinaviska Enskilda Banken AB publ Sells 33,495 Shares of Frontline PLC (NYSE:FRO)

Key Points

• Skandinaviska Enskilda Banken AB publ reduced its stake in Frontline PLC by 18.0%, now owning $2.27 million in shares.
• Frontline's quarterly earnings reported revenue of $427.87 million, significantly exceeding analyst estimates, but down 26.0% year-over-year.
• The company declared a dividend of $0.18 per share, reflecting a yield of 3.97% and a payout ratio of 46.15%.

Skandinaviska Enskilda Banken AB publ lessened its stake in Frontline PLC (NYSE:FRO - Free Report) by 18.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 152,499 shares of the shipping company's stock after selling 33,495 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned 0.07% of Frontline worth $2,265,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Frontline by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 5,493,085 shares of the shipping company's stock worth $75,502,000 after purchasing an additional 51,073 shares during the last quarter. Cooper Creek Partners Management LLC purchased a new position in shares of Frontline in the 4th quarter worth about $41,447,000. Renaissance Technologies LLC raised its position in shares of Frontline by 27.5% in the 4th quarter. Renaissance Technologies LLC now owns 1,378,037 shares of the shipping company's stock worth $19,554,000 after purchasing an additional 297,437 shares during the last quarter. Marshall Wace LLP raised its position in shares of Frontline by 137.2% in the 4th quarter. Marshall Wace LLP now owns 1,090,427 shares of the shipping company's stock worth $15,473,000 after purchasing an additional 630,685 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Frontline by 8.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 730,979 shares of the shipping company's stock worth $10,355,000 after purchasing an additional 58,386 shares during the last quarter. Hedge funds and other institutional investors own 22.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FRO. Evercore ISI decreased their target price on Frontline from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. Wall Street Zen lowered Frontline from a "hold" rating to a "sell" rating in a research report on Sunday, July 6th. Two analysts have rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Frontline presently has an average rating of "Moderate Buy" and an average price target of $20.62.

Frontline Stock Performance

Shares of Frontline stock traded up $0.26 during trading hours on Friday, reaching $18.68. 883,204 shares of the stock traded hands, compared to its average volume of 3,084,208. The company has a 50 day moving average price of $18.24 and a 200 day moving average price of $17.03. The firm has a market capitalization of $4.16 billion, a price-to-earnings ratio of 11.97 and a beta of 0.25. Frontline PLC has a one year low of $12.40 and a one year high of $25.68. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 1.44.

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

Frontline Announces Dividend

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