Two Sigma Advisers LP Has $13.74 Million Position in Frontline plc (NYSE:FRO)

Two Sigma Advisers LP reduced its position in shares of Frontline plc (NYSE:FRO - Free Report) by 27.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 968,500 shares of the shipping company's stock after selling 370,700 shares during the quarter. Two Sigma Advisers LP owned 0.44% of Frontline worth $13,743,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Frontline by 65.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 71,972 shares of the shipping company's stock valued at $1,021,000 after purchasing an additional 28,478 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Frontline in the fourth quarter valued at $341,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Frontline in the fourth quarter valued at $342,000. Private Advisor Group LLC increased its holdings in shares of Frontline by 164.0% in the fourth quarter. Private Advisor Group LLC now owns 28,053 shares of the shipping company's stock valued at $398,000 after purchasing an additional 17,428 shares during the last quarter. Finally, Tejara Capital Ltd acquired a new position in shares of Frontline in the fourth quarter valued at $633,000. 22.70% of the stock is owned by institutional investors.

Frontline Stock Performance

Shares of FRO stock traded up $0.46 on Tuesday, hitting $18.80. The company's stock had a trading volume of 1,938,028 shares, compared to its average volume of 2,488,794. Frontline plc has a fifty-two week low of $12.40 and a fifty-two week high of $29.39. The stock's 50 day moving average is $16.08 and its 200-day moving average is $16.35. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. The company has a market capitalization of $4.18 billion, a PE ratio of 7.67 and a beta of 0.24.

Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings data on Friday, May 23rd. The shipping company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The business had revenue of $427.87 million during the quarter, compared to analysts' expectations of $252.26 million. During the same quarter in the prior year, the business posted $0.62 earnings per share. Frontline's revenue was down 26.0% compared to the same quarter last year. Equities research analysts expect that Frontline plc will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 annualized dividend and a yield of 4.26%. Frontline's dividend payout ratio is 36.04%.

Analysts Set New Price Targets

Several equities analysts have commented on FRO shares. Evercore ISI decreased their price objective on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 price objective on shares of Frontline in a report on Thursday, March 27th. Two investment analysts have rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price 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.