Summit Securities Group LLC Has $698,000 Stake in Frontline PLC $FRO

Key Points

• Summit Securities Group LLC significantly increased its stake in Frontline PLC by 5,771.9%, bringing its total shares to 46,975, which are valued at approximately $698,000.
• Frontline recently declared a dividend of $0.18, representing a staggering 397.0% dividend yield, with a payout ratio of 46.15%.
• In its latest earnings report, Frontline's revenue was $427.87 million, exceeding analyst estimates, despite a 26.0% decrease compared to the same quarter last year.

Summit Securities Group LLC lifted its stake in Frontline PLC (NYSE:FRO - Free Report) by 5,771.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 46,975 shares of the shipping company's stock after acquiring an additional 46,175 shares during the period. Summit Securities Group LLC's holdings in Frontline were worth $698,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mirabella Financial Services LLP acquired a new stake in shares of Frontline in the fourth quarter valued at $9,224,000. Marshall Wace LLP boosted its holdings in Frontline by 137.2% during the fourth quarter. Marshall Wace LLP now owns 1,090,427 shares of the shipping company's stock worth $15,473,000 after buying an additional 630,685 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Frontline by 761.8% during the 1st quarter. Bank of New York Mellon Corp now owns 648,836 shares of the shipping company's stock valued at $9,635,000 after acquiring an additional 573,544 shares during the last quarter. Barclays PLC boosted its stake in shares of Frontline by 135.5% during the 4th quarter. Barclays PLC now owns 487,597 shares of the shipping company's stock worth $6,921,000 after acquiring an additional 280,588 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in shares of Frontline by 607.8% in the 1st quarter. SG Americas Securities LLC now owns 234,429 shares of the shipping company's stock valued at $3,481,000 after purchasing an additional 201,308 shares during the period. 22.70% of the stock is owned by institutional investors.

Frontline Stock Up 2.9%

FRO traded up $0.5390 on Wednesday, reaching $19.0290. 1,506,419 shares of the company traded hands, compared to its average volume of 3,008,994. The company has a market cap of $4.24 billion, a price-to-earnings ratio of 12.20 and a beta of 0.22. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.82 and a quick ratio of 1.82. The stock's 50 day moving average price is $18.53 and its 200-day moving average price is $17.21. Frontline PLC has a 52-week low of $12.40 and a 52-week high of $25.68.

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

Frontline Announces Dividend

The firm also recently disclosed a dividend, which was paid on Tuesday, June 24th. Investors of record on Friday, June 13th were paid a $0.18 dividend. This represents a dividend yield of 397.0%. The ex-dividend date of this dividend was Thursday, June 12th. Frontline's payout ratio is presently 46.15%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Evercore ISI cut their price objective on Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Wall Street Zen downgraded shares of 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 assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Frontline currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.62.

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.