109,319 Shares in Frontline PLC $FRO Bought by Marnell Management LLC

Marnell Management LLC bought a new position in shares of Frontline PLC (NYSE:FRO) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 109,319 shares of the shipping company’s stock, valued at approximately $2,385,000. Frontline comprises approximately 1.2% of Marnell Management LLC’s investment portfolio, making the stock its 22nd biggest holding.

Several other institutional investors and hedge funds have also made changes to their positions in FRO. Balyasny Asset Management L.P. lifted its position in shares of Frontline by 44.0% during the third quarter. Balyasny Asset Management L.P. now owns 2,247,120 shares of the shipping company’s stock worth $51,212,000 after purchasing an additional 686,212 shares during the last quarter. Barclays PLC lifted its position in shares of Frontline by 256.9% during the fourth quarter. Barclays PLC now owns 826,343 shares of the shipping company’s stock worth $18,031,000 after purchasing an additional 594,811 shares during the last quarter. Forest Avenue Capital Management LP bought a new stake in shares of Frontline during the fourth quarter worth $11,917,000. Skandinaviska Enskilda Banken AB publ lifted its position in shares of Frontline by 882.4% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 583,166 shares of the shipping company’s stock worth $12,725,000 after purchasing an additional 523,806 shares during the last quarter. Finally, Millennium Management LLC bought a new stake in shares of Frontline during the first quarter worth $7,587,000. 22.70% of the stock is currently owned by institutional investors.

Frontline Price Performance

FRO opened at $39.01 on Monday. The business’s 50-day moving average is $36.31 and its two-hundred day moving average is $31.01. Frontline PLC has a 1 year low of $16.25 and a 1 year high of $39.89. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.03 and a quick ratio of 2.03. The firm has a market capitalization of $8.68 billion, a PE ratio of 9.61 and a beta of 0.02.

Frontline (NYSE:FRO) last posted its earnings results on Friday, May 22nd. The shipping company reported $1.55 earnings per share (EPS) 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 analysts’ expectations of $579.59 million. During the same quarter last year, the firm earned $0.18 EPS. Frontline’s revenue for the quarter was up 66.9% on a year-over-year basis.

Frontline Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 15.9%. This is a boost from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date is Friday, June 12th. Frontline’s payout ratio is presently 152.71%.

Analyst Ratings Changes

Several analysts have recently weighed in on FRO shares. Dnb Carnegie downgraded Frontline from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 2nd. Piper Sandler downgraded Frontline to a “neutral” rating in a research report on Friday, February 27th. Wall Street Zen upgraded Frontline from a “hold” rating to a “buy” rating in a research note on Saturday, April 4th. Danske lowered Frontline to a “hold” rating in a research note on Tuesday, May 26th. Finally, Weiss Ratings upgraded Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $39.12.

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.