111 Capital Invests $603,000 in Frontline PLC $FRO

111 Capital bought a new position in shares of Frontline PLC (NYSE:FRO) in the 2nd quarter, HoldingsChannel reports. The institutional investor bought 36,473 shares of the shipping company’s stock, valued at approximately $603,000.

Several other large investors have also made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Frontline by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 5,547,556 shares of the shipping company’s stock worth $81,538,000 after buying an additional 54,471 shares during the period. Encompass Capital Advisors LLC acquired a new position in shares of Frontline during the 1st quarter worth approximately $45,026,000. Hartree Partners LP raised its stake in shares of Frontline by 38.8% during the 1st quarter. Hartree Partners LP now owns 1,472,220 shares of the shipping company’s stock worth $21,851,000 after buying an additional 411,220 shares during the period. Corigliano Investment Advisers LLC acquired a new position in shares of Frontline during the 1st quarter worth approximately $12,002,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Frontline by 761.8% during the 1st quarter. Bank of New York Mellon Corp now owns 648,836 shares of the shipping company’s stock worth $9,635,000 after buying an additional 573,544 shares during the period. 22.70% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on FRO. Jefferies Financial Group restated a “buy” rating and issued a $25.00 target price on shares of Frontline in a research report on Friday, August 29th. BTIG Research raised their target price on Frontline from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, September 17th. Wall Street Zen upgraded Frontline from a “sell” rating to a “hold” rating in a research report on Friday, September 26th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Frontline in a research report on Saturday, September 27th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $21.87.

Frontline Stock Performance

Shares of Frontline stock opened at $23.17 on Monday. Frontline PLC has a one year low of $12.40 and a one year high of $25.68. The company has a market cap of $5.16 billion, a price-to-earnings ratio of 21.65 and a beta of 0.20. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.88 and a current ratio of 1.88. The business’s 50 day moving average price is $21.16 and its 200 day moving average price is $18.50.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Friday, August 29th. The shipping company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). Frontline had a return on equity of 10.27% and a net margin of 12.94%.The company had revenue of $282.95 million for the quarter, compared to analysts’ expectations of $328.71 million. During the same quarter in the previous year, the business posted $0.62 EPS. The business’s quarterly revenue was up 34.2% compared to the same quarter last year. On average, research analysts predict that Frontline PLC will post 1.78 EPS for the current year.

Frontline Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 24th. Investors of record on Friday, September 12th were given a dividend of $0.36 per share. The ex-dividend date was Friday, September 12th. This represents a $1.44 dividend on an annualized basis and a yield of 6.2%. Frontline’s dividend payout ratio (DPR) is presently 134.58%.

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.