Two Sigma Investments LP Sells 551,831 Shares of Frontline plc (NYSE:FRO)

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

Several other large investors also recently modified their holdings of the company. Jones Financial Companies Lllp bought a new position in Frontline in the fourth quarter valued at about $31,000. Golden State Wealth Management LLC purchased a new stake in shares of Frontline during the 4th quarter valued at about $84,000. National Bank of Canada FI lifted its stake in shares of Frontline by 331.8% in the 4th quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company's stock worth $87,000 after purchasing an additional 4,738 shares during the period. Blue Trust Inc. lifted its stake in shares of Frontline by 84.4% in the 4th quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock worth $127,000 after purchasing an additional 4,084 shares during the period. Finally, Nexpoint Asset Management L.P. purchased a new position in shares of Frontline in the fourth quarter worth approximately $159,000. Institutional investors own 22.70% of the company's stock.

Analyst Upgrades and Downgrades

FRO has been the topic of several analyst reports. Evercore ISI dropped their price target on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 target price on shares of Frontline in a research note on Thursday, March 27th. Two equities research analysts have rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Frontline presently has an average rating of "Moderate Buy" and an average price target of $20.62.

Frontline Trading Up 2.2%

Shares of NYSE:FRO traded up $0.40 during trading on Tuesday, reaching $18.74. The company's stock had a trading volume of 4,012,347 shares, compared to its average volume of 2,496,610. The stock has a market capitalization of $4.17 billion, a PE ratio of 7.65 and a beta of 0.24. Frontline plc has a 12 month low of $12.40 and a 12 month high of $29.39. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The firm's 50 day simple moving average is $16.08 and its two-hundred day simple moving average is $16.35.

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

Frontline Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued 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 4.27%. Frontline's payout ratio is presently 36.04%.

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.