Susquehanna International Securities Ltd. Lowers Stake in Frontline plc (NYSE:FRO)

Susquehanna International Securities Ltd. decreased its position in shares of Frontline plc (NYSE:FRO) by 10.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 25,437 shares of the shipping company’s stock after selling 3,126 shares during the period. Frontline accounts for approximately 0.2% of Susquehanna International Securities Ltd.’s portfolio, making the stock its 22nd largest holding. Susquehanna International Securities Ltd.’s holdings in Frontline were worth $655,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of FRO. Susquehanna International Group Ltd. acquired a new position in Frontline in the 2nd quarter valued at $280,000. Squarepoint Ops LLC grew its position in shares of Frontline by 230.2% in the second quarter. Squarepoint Ops LLC now owns 32,319 shares of the shipping company’s stock valued at $833,000 after purchasing an additional 22,531 shares during the period. Edge Capital Group LLC increased its stake in Frontline by 31.8% in the second quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company’s stock valued at $10,641,000 after purchasing an additional 99,765 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Frontline by 4,965.6% during the second quarter. EverSource Wealth Advisors LLC now owns 4,711 shares of the shipping company’s stock worth $116,000 after buying an additional 4,618 shares during the period. Finally, Forest Avenue Capital Management LP boosted its stake in Frontline by 12.7% in the 2nd quarter. Forest Avenue Capital Management LP now owns 1,429,909 shares of the shipping company’s stock worth $36,834,000 after buying an additional 161,518 shares during the last quarter. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Stock Performance

NYSE FRO opened at $22.83 on Friday. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.38 and a quick ratio of 1.38. Frontline plc has a 1-year low of $17.02 and a 1-year high of $29.39. The firm has a market capitalization of $5.08 billion, a P/E ratio of 7.98 and a beta of 0.04. The business’s 50-day simple moving average is $23.44 and its 200-day simple moving average is $24.42.

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

Frontline Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 10.86%. The ex-dividend date is Friday, September 13th. Frontline’s dividend payout ratio is presently 86.71%.

Wall Street Analysts Forecast Growth

FRO has been the subject of a number of research analyst reports. StockNews.com raised shares of Frontline to a “sell” rating in a research note on Thursday, September 5th. Jefferies Financial Group reaffirmed a “buy” rating and set a $30.00 price target on shares of Frontline in a research report on Friday, August 30th. Finally, Evercore ISI decreased their price target on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Frontline has a consensus rating of “Hold” and a consensus price target of $27.58.

About Frontline

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.