Tidal Investments LLC Has $5.27 Million Position in Frontline PLC $FRO

Key Points

• Tidal Investments reduced its Frontline stake by 13.6% in the second quarter, selling 23,959 shares and retaining 151,580 shares valued at approximately $5.27 million. Institutional investors collectively own 22.7% of Frontline.
• Frontline reported quarterly revenue of $943.3 million, up 96.5% year over year, but earnings of $2.61 per share fell short of analyst expectations of $2.74.
• The company raised its quarterly dividend to $2.61 per share, implying an annualized yield of 21.2%. Analysts remain mixed, with a consensus “Hold” rating and an average price target of $41.62, below the stock’s $49.21 opening price.

Tidal Investments LLC lessened its holdings in shares of Frontline PLC (NYSE:FRO - Free Report) by 13.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 151,580 shares of the shipping company's stock after selling 23,959 shares during the quarter. Tidal Investments LLC owned 0.07% of Frontline worth $5,273,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of FRO. Royal Bank of Canada grew its holdings in shares of Frontline by 32.3% during the first quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company's stock valued at $392,000 after buying an additional 6,424 shares during the last quarter. Millennium Management LLC acquired a new stake in shares of Frontline in the 1st quarter worth about $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Frontline by 12.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 185,226 shares of the shipping company's stock worth $2,751,000 after acquiring an additional 20,370 shares during the last quarter. American Century Companies Inc. lifted its position in Frontline by 93.6% in the 2nd quarter. American Century Companies Inc. now owns 72,539 shares of the shipping company's stock valued at $1,190,000 after acquiring an additional 35,078 shares in the last quarter. Finally, Invesco Ltd. lifted its position in Frontline by 215.8% in the 2nd quarter. Invesco Ltd. now owns 91,039 shares of the shipping company's stock valued at $1,494,000 after acquiring an additional 62,210 shares in the last quarter. Institutional investors and hedge funds own 22.70% of the company's stock.

Analyst Ratings Changes

FRO has been the subject of a number of recent research reports. Danske lowered Frontline from a "hold" rating to a "sell" rating in a report on Friday, August 21st. BTIG Research raised their target price on Frontline from $45.00 to $55.00 and gave the company a "buy" rating in a report on Wednesday, June 24th. DZ Bank cut Frontline from a "hold" rating to a "sell" rating in a research report on Friday, August 21st. Nordea Equity Research downgraded Frontline to a "hold" rating in a report on Monday, August 31st. Finally, Pareto Securities lowered Frontline from a "buy" rating to a "hold" rating and set a $39.46 price target for the company. in a research report on Monday, May 25th. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $41.62.

Frontline Trading Up 0.0%

NYSE:FRO opened at $49.21 on Monday. Frontline PLC has a 52 week low of $20.47 and a 52 week high of $49.56. The firm has a 50-day moving average price of $41.02 and a two-hundred day moving average price of $37.84. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.87 and a current ratio of 1.87. The firm has a market cap of $10.96 billion, a price-to-earnings ratio of 7.38 and a beta of 0.05.

Frontline (NYSE:FRO - Get Free Report) last announced its earnings results on Friday, August 28th. The shipping company reported $2.61 earnings per share for the quarter, missing analysts' consensus estimates of $2.74 by ($0.13). The business had revenue of $943.30 million during the quarter, compared to analysts' expectations of $758.89 million. Frontline had a return on equity of 44.24% and a net margin of 49.47%.Frontline's quarterly revenue was up 96.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.36 EPS.

Frontline Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Friday, September 18th will be given a $2.61 dividend. This is an increase from Frontline's previous quarterly dividend of $1.55. This represents a $10.44 annualized dividend and a yield of 21.2%. The ex-dividend date of this dividend is Friday, September 18th. Frontline's payout ratio is presently 92.95%.

Frontline Company Profile

Frontline plc is a maritime shipping company that owns and operates tankers engaged primarily in the transportation of crude oil and refined petroleum products. Its fleet has included very large crude carriers (VLCCs), Suezmax tankers and long-range product tankers, which transport energy commodities for oil companies, trading firms and other customers worldwide.

The company's vessels operate on international shipping routes, serving major oil-producing, refining and consuming regions.

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