Polymer Capital Management HK LTD Purchases New Position in Frontline PLC $FRO

Polymer Capital Management HK LTD bought a new stake in Frontline PLC (NYSE:FRO) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 486,276 shares of the shipping company’s stock, valued at approximately $16,918,000. Frontline makes up approximately 0.9% of Polymer Capital Management HK LTD’s investment portfolio, making the stock its 14th largest holding.

Other hedge funds have also recently added to or reduced their stakes in the company. Energy Income Partners LLC purchased a new position in shares of Frontline during the second quarter worth approximately $1,202,000. Sei Investments Co. purchased a new stake in shares of Frontline in the first quarter valued at about $948,000. Y Intercept Hong Kong Ltd acquired a new position in Frontline during the 1st quarter worth approximately $1,151,000. Renaissance Technologies LLC lifted its holdings in shares of Frontline by 133.5% in the 1st quarter. Renaissance Technologies LLC now owns 927,838 shares of the shipping company’s stock valued at $32,344,000 after buying an additional 530,500 shares during the period. Finally, WIT Partners Advisory Pte. Ltd. purchased a new stake in shares of Frontline in the first quarter valued at approximately $5,214,000. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Price Performance

FRO stock opened at $43.67 on Monday. The firm has a 50 day moving average of $38.97 and a 200-day moving average of $36.31. The company has a market cap of $9.72 billion, a price-to-earnings ratio of 10.76 and a beta of 0.02. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.83. Frontline PLC has a 12-month low of $19.87 and a 12-month high of $45.17.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on FRO shares. Danske lowered Frontline from a “hold” rating to a “sell” rating in a report on Friday. Wall Street Zen lowered shares of Frontline from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. Weiss Ratings lowered shares of Frontline from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, August 12th. DZ Bank cut shares of Frontline from a “hold” rating to a “sell” rating in a research note on Friday. Finally, Pareto Securities downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target for the company. in a report on Monday, May 25th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $41.62.

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.