Quantum Portfolio Management LLC Buys New Stake in Frontline PLC $FRO

Quantum Portfolio Management LLC purchased a new position in shares of Frontline PLC (NYSE:FRO) in the first quarter, HoldingsChannel reports. The institutional investor purchased 18,769 shares of the shipping company’s stock, valued at approximately $654,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its stake in shares of Frontline by 32.3% in the 1st quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company’s stock valued at $392,000 after purchasing an additional 6,424 shares during the period. Millennium Management LLC bought a new position in shares of Frontline during the 1st quarter worth approximately $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Frontline by 12.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 185,226 shares of the shipping company’s stock valued at $2,751,000 after buying an additional 20,370 shares in the last quarter. American Century Companies Inc. boosted its stake in Frontline by 93.6% in the 2nd quarter. American Century Companies Inc. now owns 72,539 shares of the shipping company’s stock valued at $1,190,000 after buying an additional 35,078 shares in the last quarter. Finally, Invesco Ltd. grew its position in Frontline by 215.8% in the second quarter. Invesco Ltd. now owns 91,039 shares of the shipping company’s stock valued at $1,494,000 after acquiring an additional 62,210 shares during the period. 22.70% of the stock is owned by institutional investors and hedge funds.

Frontline Price Performance

Frontline stock opened at $38.38 on Thursday. The business’s fifty day moving average is $37.30 and its two-hundred day moving average is $32.94. The company has a debt-to-equity ratio of 0.83, a quick ratio of 2.03 and a current ratio of 2.03. The firm has a market cap of $8.54 billion, a P/E ratio of 9.45 and a beta of 0.01. Frontline PLC has a 52 week low of $17.72 and a 52 week high of $43.10.

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 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 posted $0.18 earnings per share. The business’s quarterly revenue was up 66.9% compared to the same quarter last year.

Frontline Increases Dividend

The business 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. The ex-dividend date was Friday, June 12th. This is a positive change from Frontline’s previous quarterly dividend of $1.03. This represents a $6.20 dividend on an annualized basis and a dividend yield of 16.2%. Frontline’s dividend payout ratio (DPR) is currently 152.71%.

Wall Street Analysts Forecast Growth

FRO has been the subject of a number of analyst reports. Danske cut Frontline to a “hold” rating in a report on Tuesday, May 26th. Pareto Securities lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 target price on the stock. in a report on Monday, May 25th. Wall Street Zen upgraded shares of Frontline from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 27th. BTIG Research lifted their price target on shares of Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Finally, Weiss Ratings upgraded shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, May 22nd. Four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Frontline has a consensus rating of “Hold” and an average price target of $41.62.

Frontline 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.