Purpose Unlimited Inc. Acquires New Stake in Frontline PLC $FRO

Purpose Unlimited Inc. bought a new position in Frontline PLC (NYSE:FRO) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 55,775 shares of the shipping company’s stock, valued at approximately $1,217,000.

A number of other large investors have also recently added to or reduced their stakes in FRO. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Frontline in the 4th quarter valued at about $25,000. Sunbelt Securities Inc. acquired a new position in shares of Frontline during the third quarter worth about $41,000. Sound Income Strategies LLC acquired a new position in shares of Frontline during the fourth quarter worth about $53,000. CIBC Private Wealth Group LLC bought a new position in shares of Frontline during the third quarter worth about $80,000. Finally, Triumph Capital Management bought a new position in shares of Frontline during the third quarter worth about $97,000. Institutional investors own 22.70% of the company’s stock.

Frontline Stock Performance

FRO opened at $40.83 on Friday. Frontline PLC has a 52-week low of $16.25 and a 52-week high of $40.96. The firm has a market capitalization of $9.09 billion, a PE ratio of 10.06 and a beta of 0.02. 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 business’s 50-day simple moving average is $36.68 and its 200 day simple moving average is $31.52.

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

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 issued a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 15.2%. The ex-dividend date of this dividend is Friday, June 12th. This is a boost from Frontline’s previous quarterly dividend of $1.03. Frontline’s payout ratio is currently 152.71%.

Analyst Upgrades and Downgrades

FRO has been the topic of a number of recent research reports. Danske lowered Frontline to a “hold” rating in a research report on Tuesday, May 26th. BTIG Research upped 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. Piper Sandler cut shares of Frontline to a “neutral” rating in a research note on Friday, February 27th. Pareto Securities downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 price objective on the stock. in a report on Monday, May 25th. Finally, Evercore lowered shares of Frontline from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Frontline currently has an average rating of “Hold” and an average target price of $39.12.

Frontline Company Profile

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.