Envestnet Asset Management Inc. Grows Position in Frontline PLC (NYSE:FRO)

Envestnet Asset Management Inc. boosted its stake in shares of Frontline PLC (NYSE:FRO) by 21.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 36,502 shares of the shipping company’s stock after purchasing an additional 6,334 shares during the period. Envestnet Asset Management Inc.’s holdings in Frontline were worth $542,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FRO. Cooper Creek Partners Management LLC purchased a new stake in shares of Frontline in the 4th quarter valued at $41,447,000. Mirabella Financial Services LLP acquired a new position in shares of Frontline in the 4th quarter valued at $9,224,000. Marshall Wace LLP lifted its stake in shares of Frontline by 137.2% in the 4th quarter. Marshall Wace LLP now owns 1,090,427 shares of the shipping company’s stock valued at $15,473,000 after purchasing an additional 630,685 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Frontline by 761.8% in the 1st quarter. Bank of New York Mellon Corp now owns 648,836 shares of the shipping company’s stock valued at $9,635,000 after purchasing an additional 573,544 shares during the period. Finally, Capital Fund Management S.A. acquired a new position in shares of Frontline in the 4th quarter valued at $5,216,000. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on FRO. Evercore ISI decreased their target price on shares of Frontline from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Tuesday, April 22nd. Wall Street Zen cut shares of Frontline from a “hold” rating to a “sell” rating in a research report on Sunday, July 6th. Two investment analysts have rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Frontline currently has an average rating of “Moderate Buy” and a consensus price target of $20.62.

Frontline Stock Performance

NYSE:FRO opened at $20.54 on Wednesday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.82 and a current ratio of 1.82. The company has a fifty day moving average of $18.30 and a two-hundred day moving average of $17.06. The stock has a market capitalization of $4.57 billion, a PE ratio of 13.17 and a beta of 0.22. Frontline PLC has a fifty-two week low of $12.40 and a fifty-two week high of $25.68.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Friday, May 23rd. The shipping company reported $0.18 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.18. The company had revenue of $427.87 million during the quarter, compared to analysts’ expectations of $252.26 million. Frontline had a net margin of 17.67% and a return on equity of 12.67%. The firm’s revenue for the quarter was down 26.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.62 earnings per share. As a group, research analysts forecast that Frontline PLC will post 1.78 earnings per share for the current fiscal year.

Frontline Announces Dividend

The firm also recently announced a dividend, which was paid on Tuesday, June 24th. Stockholders of record on Friday, June 13th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, June 12th. This represents a dividend yield of 397.0%. Frontline’s dividend payout ratio is presently 46.15%.

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.