Perigon Wealth Management LLC Takes $542,000 Position in Frontline PLC $FRO

Perigon Wealth Management LLC bought a new position in shares of Frontline PLC (NYSE:FRO) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 15,565 shares of the shipping company’s stock, valued at approximately $542,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership boosted its holdings in Frontline by 4,659.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 5,783,681 shares of the shipping company’s stock valued at $202,080,000 after purchasing an additional 5,662,172 shares in the last quarter. Cooper Creek Partners Management LLC acquired a new stake in Frontline during the first quarter worth approximately $26,911,000. Voloridge Investment Management LLC purchased a new stake in shares of Frontline during the 4th quarter worth approximately $15,676,000. Balyasny Asset Management L.P. lifted its position in shares of 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 buying an additional 686,212 shares during the last quarter. Finally, Barclays PLC boosted its holdings in shares of Frontline by 256.9% in the 4th 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. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Wall Street Analysts Forecast Growth

FRO has been the subject of a number of research reports. Wall Street Zen cut shares of Frontline from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. Weiss Ratings lowered Frontline from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, August 12th. BTIG Research lifted their target price on Frontline from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Danske cut Frontline to a “hold” rating in a research report on Tuesday, May 26th. 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 issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $41.62.

Frontline Stock Up 2.1%

Shares of NYSE:FRO opened at $44.42 on Thursday. The stock has a market cap of $9.89 billion, a P/E ratio of 10.94 and a beta of 0.02. The firm has a fifty day moving average price of $38.75 and a 200 day moving average price of $36.10. 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 1-year low of $18.84 and a 1-year high of $45.17.

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.