Forest Avenue Capital Management LP Boosts Holdings in Frontline plc (NYSE:FRO)

Forest Avenue Capital Management LP grew its position in Frontline plc (NYSE:FRO) by 12.7% in the second quarter, HoldingsChannel.com reports. The fund owned 1,429,909 shares of the shipping company’s stock after buying an additional 161,518 shares during the period. Frontline comprises about 5.1% of Forest Avenue Capital Management LP’s portfolio, making the stock its 8th biggest holding. Forest Avenue Capital Management LP’s holdings in Frontline were worth $36,834,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of FRO. Summit Securities Group LLC increased its holdings in shares of Frontline by 75.0% in the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after purchasing an additional 600 shares during the last quarter. Cozad Asset Management Inc. lifted its position in Frontline by 6.4% during the second quarter. Cozad Asset Management Inc. now owns 12,976 shares of the shipping company’s stock worth $334,000 after acquiring an additional 785 shares during the last quarter. TD Asset Management Inc boosted its holdings in shares of Frontline by 9.7% during the second quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company’s stock worth $258,000 after acquiring an additional 871 shares during the period. Ashton Thomas Private Wealth LLC acquired a new position in shares of Frontline in the second quarter valued at approximately $31,000. Finally, ICA Group Wealth Management LLC bought a new position in shares of Frontline during the fourth quarter worth approximately $25,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Trading Down 7.1 %

Shares of Frontline stock opened at $22.25 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.40. Frontline plc has a 12-month low of $17.02 and a 12-month high of $29.39. The company has a market capitalization of $4.95 billion, a price-to-earnings ratio of 7.78 and a beta of 0.04. The firm’s 50-day moving average price is $23.57 and its two-hundred day moving average price is $24.45.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). The firm had revenue of $409.72 million during the quarter, compared to the consensus estimate of $383.88 million. Frontline had a net margin of 29.42% and a return on equity of 19.73%. During the same period last year, the business earned $0.94 earnings per share. On average, analysts forecast that Frontline plc will post 2.62 earnings per share for the current fiscal year.

Frontline Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 11.15%. The ex-dividend date of this dividend is Friday, September 13th. Frontline’s dividend payout ratio (DPR) is presently 86.71%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FRO. Evercore ISI decreased their price objective on Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. StockNews.com upgraded shares of Frontline to a “sell” rating in a research note on Thursday, September 5th. Finally, Jefferies Financial Group restated a “buy” rating and set a $30.00 target price on shares of Frontline in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $27.58.

Frontline Company Profile

Frontline plc, a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.