Thomist Capital Management LP Purchases New Stake in Frontline PLC $FRO

Thomist Capital Management LP acquired a new stake in shares of Frontline PLC (NYSE:FRO) during the second quarter, Holdings Channel reports. The fund acquired 369,740 shares of the shipping company’s stock, valued at approximately $12,863,000. Frontline comprises about 4.1% of Thomist Capital Management LP’s portfolio, making the stock its 9th biggest position.

Several other hedge funds and other institutional investors also recently modified their holdings of FRO. University of Texas Texas AM Investment Management Co. bought a new stake in Frontline in the fourth quarter valued at about $25,000. Fiduciary Financial Advisors bought a new stake in shares of Frontline in the 2nd quarter valued at approximately $28,000. Assetmark Inc. lifted its stake in Frontline by 278.6% during the first quarter. Assetmark Inc. now owns 973 shares of the shipping company’s stock worth $34,000 after purchasing an additional 716 shares during the last quarter. Sunbelt Securities Inc. bought a new position in Frontline during the third quarter worth $41,000. Finally, Parallel Advisors LLC boosted its holdings in Frontline by 58.9% in the first quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock worth $46,000 after purchasing an additional 486 shares during the period. Institutional investors own 22.70% of the company’s stock.

Frontline Price Performance

Shares of NYSE FRO opened at $44.06 on Tuesday. Frontline PLC has a 1-year low of $19.87 and a 1-year high of $45.17. 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 business’s fifty day moving average price is $39.06 and its two-hundred day moving average price is $36.42. The firm has a market capitalization of $9.81 billion, a PE ratio of 10.85 and a beta of 0.02.

Wall Street Analyst Weigh In

FRO has been the topic of a number of research reports. Danske cut shares of Frontline from a “hold” rating to a “sell” rating in a report on Friday. Pareto Securities lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target for the company. in a report on Monday, May 25th. Wall Street Zen downgraded shares of Frontline from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. DZ Bank lowered shares of Frontline from a “hold” rating to a “sell” rating in a research note on Friday. Finally, Weiss Ratings cut shares of Frontline from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, August 12th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average 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.