Vanguard Group Inc. Acquires 54,471 Shares of Frontline PLC $FRO

Key Points

• Vanguard Group Inc. increased its stake in Frontline PLC by 1.0% in the first quarter, now owning approximately 5.5 million shares valued at about $81.54 million.
• Frontline reported earnings of $0.18 per share for the latest quarter, meeting analysts' expectations, while its revenue significantly exceeded forecasts, totaling $427.87 million against an expected $252.26 million.
• The company declared a dividend of $0.18, resulting in a remarkable yield of 397.0%, reflecting a dividend payout ratio of 46.15%.

Vanguard Group Inc. increased its stake in shares of Frontline PLC (NYSE:FRO - Free Report) by 1.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,547,556 shares of the shipping company's stock after purchasing an additional 54,471 shares during the quarter. Vanguard Group Inc. owned approximately 2.49% of Frontline worth $81,538,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. IHT Wealth Management LLC boosted its stake in shares of Frontline by 5.2% in the 4th quarter. IHT Wealth Management LLC now owns 16,542 shares of the shipping company's stock valued at $235,000 after purchasing an additional 819 shares during the last quarter. Signaturefd LLC raised its holdings in shares of Frontline by 59.3% in the first quarter. Signaturefd LLC now owns 2,657 shares of the shipping company's stock valued at $39,000 after purchasing an additional 989 shares during the last quarter. Bayforest Capital Ltd purchased a new stake in shares of Frontline in the first quarter valued at about $34,000. The Manufacturers Life Insurance Company raised its holdings in shares of Frontline by 0.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 530,046 shares of the shipping company's stock valued at $7,526,000 after purchasing an additional 2,576 shares during the last quarter. Finally, Triumph Capital Management increased its holdings in Frontline by 23.4% during the fourth quarter. Triumph Capital Management now owns 15,217 shares of the shipping company's stock worth $216,000 after buying an additional 2,882 shares during the last quarter. 22.70% of the stock is owned by institutional investors.

Frontline Stock Performance

FRO traded up $0.24 during midday trading on Friday, hitting $20.96. 4,177,565 shares of the company traded hands, compared to its average volume of 2,209,393. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 1.44. The firm has a market capitalization of $4.67 billion, a PE ratio of 13.43 and a beta of 0.22. The company's 50-day moving average is $18.72 and its 200 day moving average is $17.35. Frontline PLC has a 52 week low of $12.40 and a 52 week high of $25.68.

Frontline (NYSE:FRO - Get Free Report) last posted its earnings results on Friday, August 29th. The shipping company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.06). The company had revenue of $282.95 million for the quarter, compared to the consensus estimate of $328.71 million. Frontline had a net margin of 17.67% and a return on equity of 12.67%. Frontline's revenue was up 34.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.62 EPS. On average, research analysts expect that Frontline PLC will post 1.78 EPS for the current year.

Frontline Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 24th. Shareholders of record on Friday, September 12th will be paid a dividend of $0.36 per share. The ex-dividend date is Friday, September 12th. This represents a $1.44 annualized dividend and a yield of 6.9%. Frontline's dividend payout ratio is currently 46.15%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FRO. Wall Street Zen lowered shares of Frontline from a "hold" rating to a "sell" rating in a research report on Sunday, July 6th. Jefferies Financial Group restated a "buy" rating and issued a $25.00 price objective on shares of Frontline in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Frontline has a consensus rating of "Moderate Buy" and an average target price of $21.87.

About Frontline

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.