UBS Group AG Purchases 217,760 Shares of Frontline PLC $FRO

Key Points

• UBS Group AG increased its stake in Frontline PLC by 18.2% in the fourth quarter, buying 217,760 additional shares and bringing its total holding to 1,411,265 shares worth about $30.8 million.
• Frontline has seen mixed analyst sentiment recently: several firms issued upgrades or higher price targets, but the overall consensus remains “Hold” with a $39.00 price target.
• The shipping company reported quarterly revenue above expectations and recently raised its dividend sharply to $1.03 per share, implying an annualized yield of 10.4%, even though earnings per share missed estimates.

UBS Group AG raised its position in Frontline PLC (NYSE:FRO - Free Report) by 18.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,411,265 shares of the shipping company's stock after purchasing an additional 217,760 shares during the period. UBS Group AG owned approximately 0.63% of Frontline worth $30,794,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Frontline by 2.9% in the third quarter. Vanguard Group Inc. now owns 5,840,353 shares of the shipping company's stock valued at $133,738,000 after purchasing an additional 164,776 shares in the last quarter. Citigroup Inc. boosted its holdings in shares of Frontline by 185.8% in the third quarter. Citigroup Inc. now owns 606,443 shares of the shipping company's stock valued at $13,821,000 after buying an additional 394,226 shares during the period. Kiker Wealth Management LLC boosted its holdings in shares of Frontline by 839.3% in the third quarter. Kiker Wealth Management LLC now owns 93,926 shares of the shipping company's stock valued at $2,141,000 after buying an additional 83,926 shares during the period. Ruffer LLP acquired a new position in shares of Frontline in the third quarter valued at approximately $2,845,000. Finally, Melqart Asset Management UK Ltd acquired a new position in shares of Frontline in the third quarter valued at approximately $437,000. Institutional investors own 22.70% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on FRO. Weiss Ratings reiterated a "hold (c)" rating on shares of Frontline in a report on Friday, March 27th. Clarkson Capital upgraded shares of Frontline from a "neutral" rating to a "buy" rating in a report on Monday, January 12th. BTIG Research upped their price target on shares of Frontline from $42.00 to $45.00 and gave the company a "buy" rating in a report on Wednesday, April 22nd. Wall Street Zen upgraded shares of Frontline from a "hold" rating to a "buy" rating in a report on Saturday, April 4th. Finally, Piper Sandler cut shares of Frontline to a "neutral" rating in a report on Friday, February 27th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Frontline presently has a consensus rating of "Hold" and a consensus price target of $39.00.

Frontline Stock Performance

Shares of FRO opened at $39.51 on Friday. Frontline PLC has a 12 month low of $16.25 and a 12 month high of $39.89. The firm has a fifty day simple moving average of $35.12 and a 200 day simple moving average of $28.77. The stock has a market capitalization of $8.80 billion, a price-to-earnings ratio of 23.24 and a beta of 0.04. The company has a current ratio of 1.43, a quick ratio of 1.19 and a debt-to-equity ratio of 1.09.

Frontline (NYSE:FRO - Get Free Report) last announced its quarterly earnings results on Saturday, February 28th. The shipping company reported $1.03 EPS for the quarter, missing analysts' consensus estimates of $1.13 by ($0.10). The firm had revenue of $624.51 million during the quarter, compared to analyst estimates of $456.90 million. Frontline had a net margin of 19.31% and a return on equity of 16.51%. The business's revenue was up 46.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.20 EPS.

Frontline Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Thursday, March 12th were paid a $1.03 dividend. This is an increase from Frontline's previous quarterly dividend of $0.19. This represents a $4.12 dividend on an annualized basis and a yield of 10.4%. The ex-dividend date was Thursday, March 12th. Frontline's dividend payout ratio is 242.35%.

Frontline Company Profile

Frontline Ltd. NYSE: FRO is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company's core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline's fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.