Pinpoint Asset Management Singapore Pte. Ltd. Sells 45,073 Shares of Frontline PLC $FRO

Pinpoint Asset Management Singapore Pte. Ltd. decreased its holdings in shares of Frontline PLC (NYSE:FRO) by 12.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 312,128 shares of the shipping company’s stock after selling 45,073 shares during the quarter. Frontline accounts for approximately 1.3% of Pinpoint Asset Management Singapore Pte. Ltd.’s portfolio, making the stock its 15th largest position. Pinpoint Asset Management Singapore Pte. Ltd. owned about 0.14% of Frontline worth $7,113,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Marshall Wace LLP raised its stake in Frontline by 155.1% in the second quarter. Marshall Wace LLP now owns 1,692,537 shares of the shipping company’s stock valued at $27,775,000 after purchasing an additional 1,029,034 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Frontline by 274.3% in the 2nd quarter. SG Americas Securities LLC now owns 877,529 shares of the shipping company’s stock worth $14,400,000 after buying an additional 643,100 shares during the last quarter. Millennium Management LLC bought a new position in shares of Frontline in the 1st quarter worth $7,587,000. Citigroup Inc. raised its position in shares of Frontline by 185.8% during the 3rd quarter. Citigroup Inc. now owns 606,443 shares of the shipping company’s stock valued at $13,821,000 after buying an additional 394,226 shares in the last quarter. Finally, Balyasny Asset Management L.P. grew its position in Frontline by 28.3% in the second quarter. Balyasny Asset Management L.P. now owns 1,560,908 shares of the shipping company’s stock worth $25,614,000 after acquiring an additional 344,706 shares in the last quarter. 22.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Dnb Carnegie lowered shares of Frontline from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 2nd. Clarkson Capital raised Frontline from a “neutral” rating to a “buy” rating in a research note on Monday, January 12th. Piper Sandler cut Frontline to a “neutral” rating in a report on Friday, February 27th. BTIG Research raised their price objective on Frontline from $35.00 to $42.00 and gave the company a “buy” rating in a report on Friday, February 27th. Finally, Evercore reaffirmed an “outperform” rating and issued a $42.00 target price on shares of Frontline in a research note on Friday, February 27th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Frontline currently has a consensus rating of “Hold” and an average price target of $31.62.

Frontline Stock Down 1.2%

Shares of Frontline stock opened at $34.49 on Monday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.37 and a current ratio of 1.43. Frontline PLC has a 52-week low of $12.40 and a 52-week high of $39.89. The company’s 50 day moving average price is $28.87 and its 200-day moving average price is $25.11. The stock has a market capitalization of $7.68 billion and a price-to-earnings ratio of 20.29.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Friday, February 27th. The shipping company reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.10). The firm had revenue of $424.51 million for the quarter, compared to the consensus estimate of $456.90 million. Frontline had a net margin of 19.31% and a return on equity of 16.51%. The company’s quarterly revenue was up 46.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.20 earnings per share. Equities research analysts forecast that Frontline PLC will post 1.78 EPS for the current year.

Frontline Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 19th. Stockholders of record on Thursday, March 12th will be issued a dividend of $1.03 per share. This is an increase from Frontline’s previous quarterly dividend of $0.19. This represents a $4.12 dividend on an annualized basis and a dividend yield of 11.9%. The ex-dividend date is Thursday, March 12th. Frontline’s dividend payout ratio (DPR) is currently 44.71%.

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.