Frontline PLC $FRO Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership decreased its position in shares of Frontline PLC (NYSE:FRO) by 29.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,573,342 shares of the shipping company’s stock after selling 660,049 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.71% of Frontline worth $25,885,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Financial Gravity Companies Inc. acquired a new position in shares of Frontline in the 2nd quarter valued at about $25,000. SVB Wealth LLC bought a new position in Frontline in the first quarter worth about $32,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Frontline in the second quarter valued at approximately $33,000. Bayforest Capital Ltd bought a new position in shares of Frontline during the first quarter valued at approximately $34,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in shares of Frontline by 3,353.0% during the second quarter. Caitong International Asset Management Co. Ltd now owns 4,627 shares of the shipping company’s stock valued at $76,000 after purchasing an additional 4,493 shares during the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

Frontline Price Performance

Shares of NYSE:FRO opened at $23.40 on Friday. The stock has a market cap of $5.21 billion, a price-to-earnings ratio of 23.88 and a beta of 0.06. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.37 and a quick ratio of 1.37. Frontline PLC has a 12 month low of $12.40 and a 12 month high of $26.00. The stock’s 50 day moving average price is $23.72 and its 200 day moving average price is $20.99.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Friday, November 21st. The shipping company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.04). Frontline had a net margin of 12.23% and a return on equity of 8.89%. The firm had revenue of $257.04 million for the quarter, compared to analyst estimates of $265.23 million. During the same quarter last year, the business posted $0.34 earnings per share. Equities research analysts anticipate that Frontline PLC will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 12th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Friday, December 12th. Frontline’s payout ratio is presently 146.94%.

Analysts Set New Price Targets

Several analysts recently issued reports on FRO shares. Weiss Ratings restated a “hold (c)” rating on shares of Frontline in a research report on Monday, December 1st. Jefferies Financial Group raised their target price on Frontline from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, November 21st. Clarkson Capital upgraded shares of Frontline to a “hold” rating in a research report on Monday, November 24th. BTIG Research increased their price objective on shares of Frontline from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, September 17th. Finally, Wall Street Zen upgraded shares of Frontline from a “sell” rating to a “hold” rating in a research report on Friday, September 26th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Frontline currently has a consensus rating of “Hold” and a consensus price target of $24.62.

Frontline 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.