Summit Securities Group LLC Grows Stock Holdings 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 position in Frontline PLC (NYSE:FRO - Free Report) by 5,771.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets purchased a new stake in shares of Frontline during the 4th quarter worth about $424,000. Svenska Handelsbanken AB publ boosted its stake in shares of Frontline by 82.7% during the 1st quarter. Svenska Handelsbanken AB publ now owns 54,976 shares of the shipping company's stock worth $803,000 after acquiring an additional 24,878 shares in the last quarter. Mackenzie Financial Corp purchased a new position in Frontline in the 1st quarter valued at about $229,000. Deutsche Bank AG lifted its stake in Frontline by 9.6% in the 1st quarter. Deutsche Bank AG now owns 366,556 shares of the shipping company's stock valued at $5,443,000 after buying an additional 32,213 shares in the last quarter. Finally, Aquatic Capital Management LLC purchased a new position in Frontline in the 4th quarter valued at about $457,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of Frontline from a "hold" rating to a "sell" rating in a research note on Sunday, July 6th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $20.62.

Frontline Trading Up 0.8%

NYSE FRO traded up $0.1630 on Friday, reaching $20.4630. The stock had a trading volume of 1,362,531 shares, compared to its average volume of 3,003,335. The firm has a market capitalization of $4.56 billion, a price-to-earnings ratio of 13.09 and a beta of 0.22. 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 PLC has a 12-month low of $12.40 and a 12-month high of $25.68. The stock has a fifty day moving average price of $18.59 and a two-hundred day moving average price of $17.25.

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

Frontline Announces Dividend

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

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.