Caitong International Asset Management Co. Ltd Boosts Stake in Frontline PLC $FRO

Caitong International Asset Management Co. Ltd lifted its position in shares of Frontline PLC (NYSE:FRO) by 3,353.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,627 shares of the shipping company’s stock after acquiring an additional 4,493 shares during the quarter. Caitong International Asset Management Co. Ltd’s holdings in Frontline were worth $76,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of FRO. SVB Wealth LLC purchased a new stake in shares of Frontline during the 1st quarter worth about $32,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Frontline in the 2nd quarter valued at about $33,000. Bayforest Capital Ltd purchased a new position in Frontline in the 1st quarter valued at about $34,000. Signaturefd LLC lifted its stake in Frontline by 59.3% in the 1st quarter. Signaturefd LLC now owns 2,657 shares of the shipping company’s stock valued at $39,000 after buying an additional 989 shares in the last quarter. Finally, Golden State Wealth Management LLC lifted its stake in Frontline by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 11,800 shares of the shipping company’s stock valued at $175,000 after buying an additional 5,900 shares in the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on FRO shares. Weiss Ratings reaffirmed 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 note on Wednesday, September 17th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $25.00 price target on shares of Frontline in a research note on Friday, August 29th. Finally, Wall Street Zen raised shares of Frontline from a “sell” rating to a “hold” rating in a research note on Friday, September 26th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Frontline currently has an average rating of “Hold” and an average target price of $21.87.

Frontline Stock Down 3.3%

FRO stock opened at $23.55 on Friday. The company has a market cap of $5.24 billion, a price-to-earnings ratio of 22.01 and a beta of 0.20. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 1.38. Frontline PLC has a 12 month low of $12.40 and a 12 month high of $24.63. The firm has a 50-day moving average of $22.33 and a two-hundred day moving average of $19.28.

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

Frontline Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 24th. Stockholders of record on Friday, September 12th were issued 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 dividend yield of 6.1%. Frontline’s dividend payout ratio (DPR) is currently 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.