Tidal Investments LLC Boosts Stock Holdings in Frontline plc (NYSE:FRO)

Tidal Investments LLC grew its position in shares of Frontline plc (NYSE:FRO) by 12.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 113,332 shares of the shipping company’s stock after buying an additional 12,992 shares during the quarter. Tidal Investments LLC’s holdings in Frontline were worth $2,650,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in FRO. Vanguard Group Inc. lifted its position in Frontline by 5,319.5% during the first quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company’s stock valued at $123,750,000 after purchasing an additional 5,195,312 shares during the period. M&G Investment Management Ltd. bought a new position in Frontline during the fourth quarter valued at approximately $27,883,000. M&G Plc bought a new position in Frontline during the first quarter valued at approximately $25,074,000. Forest Avenue Capital Management LP lifted its position in Frontline by 115.9% during the fourth quarter. Forest Avenue Capital Management LP now owns 1,057,691 shares of the shipping company’s stock valued at $21,207,000 after purchasing an additional 567,900 shares during the period. Finally, Paradiem LLC bought a new position in Frontline during the fourth quarter valued at approximately $6,822,000. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on FRO shares. Jefferies Financial Group restated a “buy” rating and set a $30.00 price objective on shares of Frontline in a research report on Thursday, May 30th. Evercore ISI decreased their price target on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Finally, StockNews.com downgraded shares of Frontline from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $27.58.

Frontline Stock Performance

FRO traded down $0.45 during trading on Thursday, hitting $24.16. The company’s stock had a trading volume of 451,011 shares, compared to its average volume of 1,801,813. The firm has a market cap of $5.38 billion, a PE ratio of 8.61 and a beta of 0.03. Frontline plc has a one year low of $15.94 and a one year high of $29.39. The business’s 50 day simple moving average is $25.55 and its 200-day simple moving average is $24.24. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 1.59.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Thursday, May 30th. The shipping company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.24). The firm had revenue of $578.40 million for the quarter, compared to the consensus estimate of $380.73 million. Frontline had a net margin of 32.94% and a return on equity of 23.14%. The firm’s revenue for the quarter was up 16.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.87 earnings per share. As a group, sell-side analysts predict that Frontline plc will post 3.06 EPS for the current fiscal year.

Frontline Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 10.26%. This is an increase from Frontline’s previous quarterly dividend of $0.37. The ex-dividend date was Friday, June 14th. Frontline’s dividend payout ratio (DPR) is presently 86.71%.

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.