Oxbow Advisors LLC Invests $6.41 Million in Frontline PLC $FRO

Oxbow Advisors LLC purchased a new stake in shares of Frontline PLC (NYSE:FRO) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 390,459 shares of the shipping company’s stock, valued at approximately $6,407,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Signaturefd LLC boosted its position in shares of Frontline by 59.3% in the 1st quarter. Signaturefd LLC now owns 2,657 shares of the shipping company’s stock worth $39,000 after purchasing an additional 989 shares in the last quarter. TD Asset Management Inc raised its stake in Frontline by 9.9% during the second quarter. TD Asset Management Inc now owns 17,079 shares of the shipping company’s stock valued at $281,000 after buying an additional 1,535 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Frontline in the second quarter worth $33,000. SVB Wealth LLC purchased a new stake in shares of Frontline in the first quarter worth $32,000. Finally, Bayforest Capital Ltd bought a new position in shares of Frontline during the first quarter valued at $34,000. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Stock Performance

Shares of FRO opened at $23.00 on Friday. The firm has a market capitalization of $5.12 billion, a P/E ratio of 21.50 and a beta of 0.20. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.88 and a quick ratio of 1.88. Frontline PLC has a one year low of $12.40 and a one year high of $24.27. The business has a fifty day moving average of $21.75 and a 200 day moving average of $18.89.

Frontline (NYSE:FRO) last announced 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 firm had revenue of $282.95 million during the quarter, compared to analysts’ expectations of $328.71 million. Frontline had a return on equity of 10.27% and a net margin of 12.94%.The company’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.62 earnings per share. As a group, sell-side analysts anticipate that Frontline PLC will post 1.78 EPS for the current year.

Frontline Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 24th. Shareholders of record on Friday, September 12th were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 6.3%. The ex-dividend date of this dividend was Friday, September 12th. Frontline’s dividend payout ratio is currently 134.58%.

Analyst Ratings Changes

A number of brokerages recently issued reports on FRO. Jefferies Financial Group reiterated a “buy” rating and issued a $25.00 price target on shares of Frontline in a research note on Friday, August 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Frontline in a research note on Wednesday, October 8th. BTIG Research raised their price target on shares of Frontline from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, September 17th. Finally, Wall Street Zen raised Frontline from a “sell” rating to a “hold” rating in a research report on Friday, September 26th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Frontline has a consensus rating of “Hold” and an average price target of $21.87.

Frontline Company 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.