Frontline plc (NYSE:FRO) Shares Sold by Two Sigma Investments LP

Two Sigma Investments LP reduced its position in shares of Frontline plc (NYSE:FRO - Free Report) by 41.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 765,664 shares of the shipping company's stock after selling 551,831 shares during the period. Two Sigma Investments LP owned 0.34% of Frontline worth $10,865,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of FRO. Cooper Creek Partners Management LLC purchased a new stake in Frontline during the 4th quarter worth approximately $41,447,000. Hartree Partners LP increased its holdings in shares of Frontline by 482.6% in the fourth quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company's stock valued at $15,047,000 after purchasing an additional 878,885 shares during the last quarter. Mirabella Financial Services LLP acquired a new stake in shares of Frontline in the fourth quarter valued at approximately $9,224,000. Marshall Wace LLP increased its holdings in shares of Frontline by 137.2% in the fourth quarter. Marshall Wace LLP now owns 1,090,427 shares of the shipping company's stock valued at $15,473,000 after purchasing an additional 630,685 shares during the last quarter. Finally, Capital Fund Management S.A. acquired a new stake in shares of Frontline in the fourth quarter valued at approximately $5,216,000. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Price Performance

Shares of NYSE:FRO traded down $0.08 during midday trading on Thursday, hitting $17.47. The company had a trading volume of 725,435 shares, compared to its average volume of 2,495,250. The business's 50-day simple moving average is $16.15 and its 200-day simple moving average is $16.37. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of 7.12 and a beta of 0.24. Frontline plc has a twelve month low of $12.40 and a twelve month high of $29.09.

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. The company had revenue of $427.87 million during the quarter, compared to analysts' expectations of $252.26 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm's quarterly revenue was down 26.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.62 earnings per share. On average, research analysts predict that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a dividend of $0.20 per share. The ex-dividend date was Friday, March 14th. This represents a $0.80 annualized dividend and a yield of 4.58%. Frontline's dividend payout ratio (DPR) is 46.15%.

Wall Street Analysts Forecast Growth

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