MQS Management LLC Buys New Holdings in Frontline PLC $FRO

MQS Management LLC bought a new stake in shares of Frontline PLC (NYSE:FRO) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 22,646 shares of the shipping company’s stock, valued at approximately $494,000.

Several other institutional investors also recently bought and sold shares of FRO. Royal Bank of Canada boosted its holdings in Frontline by 32.3% during the 1st quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company’s stock valued at $392,000 after acquiring an additional 6,424 shares during the period. Millennium Management LLC purchased a new stake in Frontline during the 1st quarter valued at about $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Frontline by 12.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 185,226 shares of the shipping company’s stock valued at $2,751,000 after acquiring an additional 20,370 shares during the period. American Century Companies Inc. boosted its holdings in Frontline by 93.6% during the 2nd quarter. American Century Companies Inc. now owns 72,539 shares of the shipping company’s stock valued at $1,190,000 after acquiring an additional 35,078 shares during the period. Finally, Invesco Ltd. boosted its holdings in Frontline by 215.8% during the 2nd quarter. Invesco Ltd. now owns 91,039 shares of the shipping company’s stock valued at $1,494,000 after acquiring an additional 62,210 shares during the period. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Trading Down 3.4%

FRO opened at $37.14 on Friday. The stock has a market cap of $8.27 billion, a PE ratio of 21.85 and a beta of 0.04. The company has a quick ratio of 1.19, a current ratio of 1.43 and a debt-to-equity ratio of 1.09. The business has a 50 day moving average of $35.49 and a 200-day moving average of $29.80. Frontline PLC has a 52 week low of $16.25 and a 52 week high of $39.89.

Frontline (NYSE:FRO) last released its earnings results on Friday, May 22nd. The shipping company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.44 by $0.07. The company had revenue of $714.24 million during the quarter, compared to analysts’ expectations of $579.59 million. Frontline had a return on equity of 16.51% and a net margin of 19.31%.The firm’s revenue for the quarter was up 66.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.18 EPS.

Frontline Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th will be paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 16.7%. The ex-dividend date is Friday, June 12th. This is a boost from Frontline’s previous quarterly dividend of $1.03. Frontline’s dividend payout ratio (DPR) is 242.35%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Piper Sandler cut Frontline to a “neutral” rating in a report on Friday, February 27th. Weiss Ratings upgraded Frontline from a “hold (c+)” rating to a “buy (b)” rating in a report on Friday. BTIG Research increased their price objective on Frontline from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Dnb Carnegie cut Frontline from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. Finally, Evercore cut Frontline from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 21st. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $39.00.

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.