33,006 Shares in Frontline PLC $FRO Acquired by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd bought a new position in shares of Frontline PLC (NYSE:FRO) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 33,006 shares of the shipping company’s stock, valued at approximately $1,151,000.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Frontline by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 5,903,785 shares of the shipping company’s stock worth $129,966,000 after purchasing an additional 63,432 shares during the period. Balyasny Asset Management L.P. increased its stake in Frontline by 44.0% during the 3rd quarter. Balyasny Asset Management L.P. now owns 2,247,120 shares of the shipping company’s stock worth $51,212,000 after purchasing an additional 686,212 shares in the last quarter. UBS Group AG raised its holdings in Frontline by 18.2% during the 4th quarter. UBS Group AG now owns 1,411,265 shares of the shipping company’s stock worth $30,794,000 after buying an additional 217,760 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Frontline by 27.3% in the second quarter. The Manufacturers Life Insurance Company now owns 942,698 shares of the shipping company’s stock valued at $15,477,000 after buying an additional 202,142 shares in the last quarter. Finally, Barclays PLC lifted its stake in Frontline by 256.9% in the fourth quarter. Barclays PLC now owns 826,343 shares of the shipping company’s stock valued at $18,031,000 after buying an additional 594,811 shares in the last quarter. 22.70% of the stock is currently owned by institutional investors.

Frontline Stock Up 4.1%

NYSE:FRO traded up $1.50 during trading hours on Friday, reaching $38.06. 1,907,354 shares of the stock were exchanged, compared to its average volume of 3,328,644. The stock has a market cap of $8.47 billion, a PE ratio of 9.37 and a beta of 0.01. Frontline PLC has a twelve month low of $18.04 and a twelve month high of $43.10. The firm has a 50 day moving average of $37.35 and a 200 day moving average of $33.08. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.03 and a quick ratio of 2.03.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Friday, May 22nd. The shipping company reported $1.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.03). Frontline had a net margin of 36.70% and a return on equity of 27.80%. The business had revenue of $714.24 million during the quarter, compared to analyst estimates of $579.59 million. During the same quarter last year, the business earned $0.18 earnings per share. Frontline’s revenue for the quarter was up 66.9% on a year-over-year basis.

Frontline Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th were given a dividend of $1.55 per share. This is a boost from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend was Friday, June 12th. This represents a $6.20 annualized dividend and a yield of 16.3%. Frontline’s payout ratio is presently 152.71%.

Analyst Upgrades and Downgrades

FRO has been the subject of several research reports. Danske downgraded shares of Frontline to a “hold” rating in a research report on Tuesday, May 26th. Evercore cut shares of Frontline from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 21st. BTIG Research upped their target price on shares of Frontline from $45.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Wall Street Zen upgraded Frontline from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 27th. Finally, Pareto Securities downgraded Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target on the stock. in a research note on Monday, May 25th. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $41.62.

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.