Frontline PLC (NYSE:FRO) Increases Dividend to $2.61 Per Share

Frontline PLC (NYSE:FRO) declared a quarterly dividend on Thursday, August 27th. Investors of record on Friday, September 18th will be paid a dividend of 2.61 per share by the shipping company on Monday, September 28th. This represents a c) annualized dividend and a yield of 23.7%. The ex-dividend date is Friday, September 18th. This is a 68.4% increase from Frontline’s previous quarterly dividend of $1.55.

Frontline has decreased its dividend by an average of 0.1%annually over the last three years. Frontline has a payout ratio of 206.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Frontline Stock Performance

NYSE:FRO traded up $0.27 during trading hours on Friday, reaching $44.02. The company had a trading volume of 3,315,549 shares, compared to its average volume of 3,248,241. Frontline has a 1-year low of $20.31 and a 1-year high of $45.29. The firm has a market cap of $9.80 billion, a PE ratio of 10.84 and a beta of 0.02. The business’s 50 day moving average price is $39.25 and its 200-day moving average price is $36.72. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.03 and a quick ratio of 2.03.

Institutional Investors Weigh In On Frontline

Several large investors have recently bought and sold shares of FRO. Fiduciary Financial Advisors acquired a new position in Frontline in the 2nd quarter valued at $28,000. Assetmark Inc. grew its holdings in shares of Frontline by 278.6% during the first quarter. Assetmark Inc. now owns 973 shares of the shipping company’s stock worth $34,000 after buying an additional 716 shares in the last quarter. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Frontline in the fourth quarter valued at about $25,000. Parallel Advisors LLC lifted its stake in shares of Frontline by 58.9% in 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 in the last quarter. Finally, Global Retirement Partners LLC acquired a new position in Frontline during the second quarter worth about $48,000. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

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.