Bayforest Capital Ltd Has $660,000 Stock Holdings in Frontline PLC $FRO

Bayforest Capital Ltd grew its holdings in Frontline PLC (NYSE:FRO) by 1,663.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 40,233 shares of the shipping company’s stock after buying an additional 37,951 shares during the quarter. Bayforest Capital Ltd’s holdings in Frontline were worth $660,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Frontline by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 5,547,556 shares of the shipping company’s stock valued at $81,538,000 after buying an additional 54,471 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Frontline by 64.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 118,566 shares of the shipping company’s stock worth $1,761,000 after purchasing an additional 46,594 shares in the last quarter. Summit Securities Group LLC increased its position in shares of Frontline by 5,771.9% during the 1st quarter. Summit Securities Group LLC now owns 46,975 shares of the shipping company’s stock worth $698,000 after purchasing an additional 46,175 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Frontline by 691.5% during the 2nd quarter. Farther Finance Advisors LLC now owns 12,632 shares of the shipping company’s stock worth $207,000 after purchasing an additional 11,036 shares in the last quarter. Finally, Svenska Handelsbanken AB publ increased its position in shares of Frontline by 82.7% during the 1st quarter. Svenska Handelsbanken AB publ now owns 54,976 shares of the shipping company’s stock worth $803,000 after purchasing an additional 24,878 shares in the last quarter. Institutional investors and hedge funds own 22.70% of the company’s stock.

Wall Street Analyst Weigh In

FRO has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Frontline from a “sell” rating to a “hold” rating in a research report on Friday, September 26th. BTIG Research increased their target price on shares of Frontline from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, September 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Frontline in a research report on Wednesday, October 8th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $25.00 target price on shares of Frontline in a research report on Friday, August 29th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Frontline presently has an average rating of “Hold” and an average price target of $21.87.

Frontline Trading Up 0.2%

FRO opened at $22.78 on Tuesday. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 1.38. The stock has a market capitalization of $5.07 billion, a PE ratio of 21.29 and a beta of 0.20. Frontline PLC has a 1-year low of $12.40 and a 1-year high of $24.27. The firm has a 50-day moving average price of $21.60 and a two-hundred day moving average price of $18.79.

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

Frontline Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 24th. Stockholders of record on Friday, September 12th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 6.3%. The ex-dividend date of this dividend was Friday, September 12th. Frontline’s dividend payout ratio (DPR) is 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.