Frontline PLC $FRO Shares Sold by Pinpoint Asset Management Singapore Pte. Ltd.

Pinpoint Asset Management Singapore Pte. Ltd. reduced its stake in Frontline PLC (NYSE:FRO) by 12.7% in the 4th quarter, Holdings Channel reports. The firm owned 272,455 shares of the shipping company’s stock after selling 39,673 shares during the quarter. Frontline accounts for approximately 1.2% of Pinpoint Asset Management Singapore Pte. Ltd.’s portfolio, making the stock its 16th biggest position. Pinpoint Asset Management Singapore Pte. Ltd.’s holdings in Frontline were worth $5,945,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Frontline by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 5,903,785 shares of the shipping company’s stock valued at $129,966,000 after purchasing an additional 63,432 shares in the last quarter. Balyasny Asset Management L.P. increased its holdings in Frontline by 44.0% in the 3rd quarter. Balyasny Asset Management L.P. now owns 2,247,120 shares of the shipping company’s stock valued at $51,212,000 after purchasing an additional 686,212 shares in the last quarter. UBS Group AG increased its holdings in Frontline by 18.2% in the 4th quarter. UBS Group AG now owns 1,411,265 shares of the shipping company’s stock valued at $30,794,000 after purchasing an additional 217,760 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Frontline by 27.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 942,698 shares of the shipping company’s stock valued at $15,477,000 after purchasing an additional 202,142 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Frontline by 7.8% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 797,526 shares of the shipping company’s stock valued at $18,168,000 after purchasing an additional 57,740 shares in the last quarter. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Stock Up 5.0%

Shares of Frontline stock opened at $39.01 on Friday. The business has a 50-day moving average of $36.31 and a 200-day moving average of $30.97. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.03 and a quick ratio of 2.03. The company has a market capitalization of $8.68 billion, a PE ratio of 9.61 and a beta of 0.02. Frontline PLC has a 1-year low of $16.25 and a 1-year high of $39.89.

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

Frontline Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Friday, June 12th. This is a positive change from Frontline’s previous quarterly dividend of $1.03. This represents a $6.20 annualized dividend and a dividend yield of 15.9%. Frontline’s dividend payout ratio is 101.48%.

Analyst Ratings Changes

Several analysts recently issued reports on FRO shares. BTIG Research increased their price target on Frontline from $42.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Evercore downgraded Frontline from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 21st. Piper Sandler downgraded Frontline to a “neutral” rating in a research note on Friday, February 27th. Weiss Ratings upgraded Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Finally, Danske downgraded Frontline to a “hold” rating in a research note on Tuesday, May 26th. Four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $39.12.

About Frontline

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.