Frontline PLC $FRO Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC lessened its holdings in Frontline PLC (NYSE:FRO) by 37.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 141,081 shares of the shipping company’s stock after selling 84,998 shares during the period. Hsbc Holdings PLC’s holdings in Frontline were worth $4,849,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. University of Texas Texas AM Investment Management Co. acquired a new position in Frontline in the fourth quarter valued at about $25,000. Sunbelt Securities Inc. purchased a new position in Frontline during the third quarter worth about $41,000. Sound Income Strategies LLC acquired a new stake in shares of Frontline during the fourth quarter valued at about $53,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Frontline during the third quarter valued at about $80,000. Finally, Triumph Capital Management purchased a new stake in shares of Frontline in the 3rd quarter valued at approximately $97,000. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Stock Performance

NYSE:FRO opened at $39.25 on Friday. The firm has a market capitalization of $8.74 billion, a PE ratio of 9.67 and a beta of 0.01. The business’s fifty day moving average price is $37.36 and its 200 day moving average price is $34.21. 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 PLC has a 12 month low of $18.26 and a 12 month high of $43.10.

Frontline Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th were given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 15.8%. This is a boost from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date was Friday, June 12th. Frontline’s payout ratio is 152.71%.

Analysts Set New Price Targets

FRO has been the subject of a number of research reports. Wall Street Zen raised Frontline from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 27th. BTIG Research increased their target price on Frontline from $45.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Danske cut Frontline to a “hold” rating in a report on Tuesday, May 26th. Weiss Ratings raised Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, May 22nd. Finally, Evercore lowered shares of Frontline from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 21st. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus 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.