Perigon Wealth Management LLC Makes New Investment in Frontline PLC $FRO

Perigon Wealth Management LLC bought a new stake in Frontline PLC (NYSE:FRO) during the 2nd quarter, Holdings Channel reports. The firm bought 15,565 shares of the shipping company’s stock, valued at approximately $542,000.

A number of other institutional investors have also modified their holdings of FRO. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Frontline during the fourth quarter worth approximately $25,000. Assetmark Inc. lifted 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 purchasing an additional 716 shares during the period. Sunbelt Securities Inc. purchased a new position in Frontline in the 3rd quarter valued at $41,000. Parallel Advisors LLC increased its stake in Frontline by 58.9% in the 1st quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock valued at $46,000 after buying an additional 486 shares during the period. Finally, Global Retirement Partners LLC acquired a new position in Frontline in the 2nd quarter valued at $48,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Price Performance

FRO stock opened at $44.42 on Thursday. The firm has a 50 day moving average of $38.75 and a 200-day moving average of $36.10. The company has a market cap of $9.89 billion, a price-to-earnings ratio of 10.94 and a beta of 0.02. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.83. Frontline PLC has a 12-month low of $18.84 and a 12-month high of $45.17.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FRO. Danske cut shares of Frontline to a “hold” rating in a research note on Tuesday, May 26th. Pareto Securities lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target on the stock. in a research note on Monday, May 25th. Wall Street Zen cut shares of Frontline from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 15th. Weiss Ratings downgraded shares of Frontline from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, August 12th. Finally, BTIG Research lifted their price objective on Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $41.62.

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.