Tejara Capital Ltd Raises Stake in Frontline PLC $FRO

Key Points

• Tejara Capital Ltd increased its stake in Frontline PLC by 204.9% in Q1, owning approximately 136,000 shares valued at $2.02 million.
• Several hedge funds have significantly modified their positions in Frontline, with Russell Investments Group lifting holdings by 1,117.1% during Q4.
• Frontline recently announced a dividend yield of 397%, delivering a $0.18 dividend to investors of record, with a payout ratio of 46.15%.

Tejara Capital Ltd lifted its holdings in shares of Frontline PLC (NYSE:FRO - Free Report) by 204.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 136,000 shares of the shipping company's stock after purchasing an additional 91,397 shares during the period. Tejara Capital Ltd owned 0.06% of Frontline worth $2,020,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Russell Investments Group Ltd. increased its stake in Frontline by 1,117.1% in the fourth quarter. Russell Investments Group Ltd. now owns 20,727 shares of the shipping company's stock valued at $286,000 after purchasing an additional 19,024 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Frontline during the 4th quarter worth approximately $241,000. Barclays PLC raised its stake in 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 buying an additional 280,588 shares during the period. Mariner LLC raised its stake in Frontline by 19.9% during the 4th quarter. Mariner LLC now owns 174,917 shares of the shipping company's stock worth $2,482,000 after buying an additional 29,049 shares during the period. Finally, Guggenheim Capital LLC acquired a new position in Frontline during the 4th quarter worth approximately $203,000. Institutional investors and hedge funds own 22.70% of the company's stock.

Wall Street Analyst Weigh In

FRO has been the subject of several recent research reports. Wall Street Zen downgraded shares of Frontline from a "hold" rating to a "sell" rating in a research report on Sunday, July 6th. Evercore ISI decreased their target price on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. One 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $20.62.

Frontline Stock Performance

FRO traded down $0.5020 during midday trading on Tuesday, reaching $18.4780. The company had a trading volume of 1,623,423 shares, compared to its average volume of 3,016,150. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.82 and a current ratio of 1.82. The stock has a market cap of $4.11 billion, a PE ratio of 11.84 and a beta of 0.22. Frontline PLC has a 12-month low of $12.40 and a 12-month high of $25.68. The business has a 50-day moving average price of $18.51 and a two-hundred day moving average price of $17.21.

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

Frontline Announces Dividend

The firm also recently announced a dividend, which was paid on Tuesday, June 24th. Investors of record on Friday, June 13th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, June 12th. This represents a dividend yield of 397.0%. Frontline's dividend payout ratio (DPR) is currently 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.