Empowered Funds LLC Makes New $2.95 Million Investment in Frontline PLC $FRO

Empowered Funds LLC purchased a new stake in shares of Frontline PLC (NYSE:FRO) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 84,804 shares of the shipping company’s stock, valued at approximately $2,950,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Public Employees Retirement System of Ohio bought a new position in Frontline during the second quarter valued at about $4,315,000. Bank of America Corp DE bought a new position in shares of Frontline in the 2nd quarter valued at approximately $30,123,000. Man Group plc bought a new position in shares of Frontline in the 2nd quarter valued at approximately $741,000. Hsbc Holdings PLC acquired a new stake in Frontline in the 2nd quarter worth approximately $2,985,000. Finally, Canada Pension Plan Investment Board acquired a new stake in Frontline in the 2nd quarter worth approximately $22,849,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Trading Up 2.5%

Shares of Frontline stock opened at $45.45 on Thursday. Frontline PLC has a 1 year low of $20.47 and a 1 year high of $45.59. The company’s fifty day simple moving average is $39.49 and its 200-day simple moving average is $37.14. The company has a market cap of $10.12 billion, a price-to-earnings ratio of 6.81 and a beta of 0.05. The company has a current ratio of 1.87, a quick ratio of 2.03 and a debt-to-equity ratio of 0.69.

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

Frontline Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Friday, September 18th will be paid a dividend of $2.61 per share. This is an increase from Frontline’s previous quarterly dividend of $1.55. This represents a $10.44 dividend on an annualized basis and a yield of 23.0%. The ex-dividend date is Friday, September 18th. Frontline’s dividend payout ratio is presently 92.95%.

Analysts Set New Price Targets

Several equities analysts have commented on FRO shares. BTIG Research increased their price target on Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Danske downgraded shares of Frontline from a “hold” rating to a “sell” rating in a report on Friday, August 21st. Weiss Ratings upgraded shares of Frontline from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, August 28th. Wall Street Zen raised shares of Frontline from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 29th. Finally, Pareto Securities cut shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target for the company. in a report on Monday, May 25th. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $41.62.

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.