Fieldview Capital Management LLC Takes $648,000 Position in Frontline PLC $FRO

Fieldview Capital Management LLC purchased a new stake in shares of Frontline PLC (NYSE:FRO) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 29,700 shares of the shipping company’s stock, valued at approximately $648,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Sunbelt Securities Inc. purchased a new position in shares of Frontline during the third quarter valued at $41,000. Sound Income Strategies LLC purchased a new position in shares of Frontline during the fourth quarter valued at $53,000. CIBC Private Wealth Group LLC purchased a new position in shares of Frontline during the third quarter valued at $80,000. Triumph Capital Management purchased a new position in shares of Frontline during the third quarter valued at $97,000. Finally, State of Wyoming purchased a new position in shares of Frontline during the second quarter valued at $105,000. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on FRO shares. Wall Street Zen upgraded Frontline from a “hold” rating to a “buy” rating in a report on Saturday, April 4th. Pareto Securities downgraded Frontline from a “buy” rating to a “hold” rating and set a $39.46 target price on the stock. in a research note on Monday, May 25th. BTIG Research boosted their price target on Frontline from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Dnb Carnegie cut Frontline from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 2nd. Finally, Piper Sandler cut Frontline to a “neutral” rating in a research report on Friday, February 27th. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $39.12.

Frontline Price Performance

NYSE FRO opened at $39.43 on Tuesday. Frontline PLC has a twelve month low of $16.25 and a twelve month high of $39.89. The company has a debt-to-equity ratio of 0.83, a quick ratio of 2.03 and a current ratio of 2.03. The stock has a market capitalization of $8.78 billion, a PE ratio of 9.71 and a beta of 0.02. The stock has a 50-day simple moving average of $36.37 and a 200 day simple moving average of $31.12.

Frontline (NYSE:FRO) last released its quarterly earnings data on Friday, May 22nd. The shipping company reported $1.55 earnings per share for the quarter, missing the consensus estimate of $1.58 by ($0.03). Frontline had a net margin of 36.70% and a return on equity of 27.80%. The company had revenue of $714.24 million during the quarter, compared to the consensus estimate of $579.59 million. During the same quarter in the prior year, the company posted $0.18 earnings per share. The company’s revenue for the quarter was up 66.9% on a year-over-year basis.

Frontline Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th will be paid a $1.55 dividend. The ex-dividend date is Friday, June 12th. This represents a $6.20 annualized dividend and a dividend yield of 15.7%. This is an increase from Frontline’s previous quarterly dividend of $1.03. Frontline’s dividend payout ratio is currently 152.71%.

About Frontline

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.