Tejara Capital Ltd Purchases 91,397 Shares of 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 increased its position in shares of Frontline PLC (NYSE:FRO - Free Report) by 204.9% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 136,000 shares of the shipping company's stock after purchasing an additional 91,397 shares during the quarter. Tejara Capital Ltd owned approximately 0.06% of Frontline worth $2,020,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in FRO. BNP Paribas Financial Markets purchased a new position in Frontline during the 4th quarter valued at about $424,000. Svenska Handelsbanken AB publ raised its holdings in shares of Frontline by 82.7% in the first quarter. Svenska Handelsbanken AB publ now owns 54,976 shares of the shipping company's stock valued at $803,000 after buying an additional 24,878 shares during the last quarter. Mackenzie Financial Corp purchased a new position in Frontline during the 1st quarter worth $229,000. Aquatic Capital Management LLC purchased a new position in Frontline in the fourth quarter worth $457,000. Finally, Bank of New York Mellon Corp increased its stake in Frontline by 761.8% in 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 purchasing an additional 573,544 shares in the last quarter. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Stock Up 2.9%

Shares of NYSE FRO traded up $0.5390 during mid-day trading on Wednesday, reaching $19.0290. 1,506,419 shares of the company traded hands, compared to its average volume of 2,062,023. The stock has a market cap of $4.24 billion, a PE ratio of 12.20 and a beta of 0.22. The company's fifty day moving average is $18.55 and its two-hundred day moving average is $17.23. Frontline PLC has a fifty-two week low of $12.40 and a fifty-two week high of $25.68. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.82 and a current ratio of 1.82.

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

Frontline Dividend Announcement

The business also recently disclosed 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. This represents a dividend yield of 397.0%. The ex-dividend date was Thursday, June 12th. Frontline's dividend payout ratio (DPR) is presently 46.15%.

Wall Street Analysts Forecast Growth

FRO has been the subject of a number of recent analyst reports. Evercore ISI lowered their price objective 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 cut Frontline from a "hold" rating to a "sell" rating in a research note on Sunday, July 6th. One equities research 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 MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.62.

Frontline 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.