Toroso Investments LLC Boosts Stake in Frontline plc (NYSE:FRO)

Toroso Investments LLC grew its stake in Frontline plc (NYSE:FRO) by 5.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,999 shares of the shipping company’s stock after acquiring an additional 3,075 shares during the quarter. Toroso Investments LLC’s holdings in Frontline were worth $1,027,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Barclays PLC boosted its stake in shares of Frontline by 182.2% during the 1st quarter. Barclays PLC now owns 6,047,159 shares of the shipping company’s stock worth $100,142,000 after purchasing an additional 3,904,292 shares during the last quarter. Two Sigma Investments LP lifted its stake in shares of Frontline by 72.0% during the fourth quarter. Two Sigma Investments LP now owns 5,133,763 shares of the shipping company’s stock valued at $62,324,000 after buying an additional 2,149,377 shares during the period. Vanguard Group Inc. boosted its position in Frontline by 4.8% during the third quarter. Vanguard Group Inc. now owns 4,717,845 shares of the shipping company’s stock worth $51,567,000 after acquiring an additional 214,352 shares during the last quarter. Two Sigma Advisers LP grew its stake in Frontline by 4.6% in the 1st quarter. Two Sigma Advisers LP now owns 4,684,450 shares of the shipping company’s stock worth $77,574,000 after acquiring an additional 207,450 shares during the period. Finally, Millennium Management LLC raised its holdings in Frontline by 102.7% in the 4th quarter. Millennium Management LLC now owns 4,483,826 shares of the shipping company’s stock valued at $54,434,000 after acquiring an additional 2,271,724 shares during the last quarter. Institutional investors and hedge funds own 25.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. started coverage on Frontline in a report on Tuesday, August 15th. They set a “neutral” rating and a $20.00 price objective on the stock. Deutsche Bank Aktiengesellschaft cut Frontline from a “buy” rating to a “hold” rating and set a $17.00 price target for the company. in a report on Friday, August 25th. Jefferies Financial Group reiterated a “hold” rating and set a $17.00 price objective on shares of Frontline in a report on Thursday, August 24th. Finally, StockNews.com raised shares of Frontline from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Four investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $18.00.

Frontline Price Performance

FRO stock opened at $16.86 on Tuesday. The stock has a 50-day moving average price of $16.80 and a two-hundred day moving average price of $15.93. The company has a market cap of $3.75 billion, a PE ratio of 4.54 and a beta of 0.24. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.84. Frontline plc has a 12-month low of $10.10 and a 12-month high of $19.29.

Frontline (NYSE:FRO) last posted its earnings results on Wednesday, August 23rd. The shipping company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.10. Frontline had a net margin of 42.38% and a return on equity of 31.87%. The firm had revenue of $522.15 million during the quarter, compared to the consensus estimate of $353.46 million. During the same quarter in the prior year, the company earned $0.21 EPS. As a group, research analysts predict that Frontline plc will post 2.79 EPS for the current year.

Frontline Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.80 dividend. This is an increase from Frontline’s previous quarterly dividend of $0.70. This represents a $3.20 annualized dividend and a yield of 18.98%. The ex-dividend date of this dividend is Thursday, September 14th. Frontline’s dividend payout ratio is currently 86.25%.

Frontline Company Profile

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.