Frontline PLC $FRO Stock Sold by Range Financial Group LLC

Range Financial Group LLC lessened its position in shares of Frontline PLC (NYSE:FRO) by 18.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 77,662 shares of the shipping company’s stock after selling 17,468 shares during the quarter. Frontline comprises 1.1% of Range Financial Group LLC’s investment portfolio, making the stock its 28th biggest holding. Range Financial Group LLC’s holdings in Frontline were worth $3,826,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the company. Fiduciary Financial Advisors acquired a new position in Frontline in the second quarter valued at $28,000. Assetmark Inc. raised its holdings in shares of Frontline by 278.6% in the first quarter. Assetmark Inc. now owns 973 shares of the shipping company’s stock valued at $34,000 after buying an additional 716 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Frontline by 58.9% during the first quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock worth $46,000 after buying an additional 486 shares during the period. Global Retirement Partners LLC acquired a new stake in shares of Frontline during the second quarter worth about $48,000. Finally, Allworth Financial LP purchased a new position in shares of Frontline during the second quarter worth about $50,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Stock Down 0.7%

Shares of Frontline stock opened at $50.35 on Wednesday. Frontline PLC has a one year low of $20.47 and a one year high of $59.75. The company has a market cap of $11.21 billion, a P/E ratio of 7.55 and a beta of 0.15. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.87 and a current ratio of 1.87. The firm has a fifty day moving average of $48.46 and a two-hundred day moving average of $41.19.

Frontline (NYSE:FRO) last issued its earnings results on Friday, August 28th. The shipping company reported $2.61 earnings per share for the quarter, missing the consensus estimate of $2.74 by ($0.13). Frontline had a net margin of 49.47% and a return on equity of 44.24%. The firm had revenue of $943.30 million during the quarter, compared to analysts’ expectations of $758.89 million. During the same period in the previous year, the firm earned $0.36 EPS. The firm’s revenue was up 96.5% on a year-over-year basis.

Frontline Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 28th. Shareholders of record on Friday, September 18th were issued a $2.61 dividend. The ex-dividend date of this dividend was Friday, September 18th. This represents a $10.44 dividend on an annualized basis and a yield of 20.7%. This is a boost from Frontline’s previous quarterly dividend of $1.55. Frontline’s dividend payout ratio is presently 156.52%.

Analyst Ratings Changes

FRO has been the topic of several recent research reports. DZ Bank cut Frontline from a “hold” rating to a “sell” rating in a research report on Friday, August 21st. Nordea Equity Research downgraded Frontline to a “hold” rating in a research note on Monday, August 31st. BTIG Research increased their price objective on Frontline from $55.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, September 18th. Weiss Ratings upgraded Frontline from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 8th. Finally, Wall Street Zen upgraded Frontline from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 29th. Four analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $45.37.

Frontline Company Profile

Frontline plc is a maritime shipping company that owns and operates tankers used to transport crude oil and refined petroleum products worldwide. The company’s fleet includes very large crude carriers (VLCCs), Suezmax tankers, and Aframax and Long Range 2 (LR2) vessels, serving international energy markets.

Frontline’s vessels are employed through a combination of voyage charters, time charters and pool arrangements. Its operations connect major oil-producing regions with refineries and consuming markets across the Atlantic, Pacific and other global trade routes.

Founded in 1985, Frontline is incorporated in Bermuda and has corporate operations based in Limassol, Cyprus.