Magnetar Financial LLC Raises Stock Position in Frontline PLC $FRO

Magnetar Financial LLC raised its stake in Frontline PLC (NYSE:FRO) by 1,223.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 203,017 shares of the shipping company’s stock after buying an additional 187,673 shares during the period. Magnetar Financial LLC owned approximately 0.09% of Frontline worth $4,430,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in FRO. University of Texas Texas AM Investment Management Co. purchased a new position in Frontline in the fourth quarter valued at about $25,000. Sunbelt Securities Inc. purchased a new position in Frontline in the third quarter valued at about $41,000. Sound Income Strategies LLC purchased a new position in Frontline in the fourth quarter valued at about $53,000. CIBC Private Wealth Group LLC purchased a new position in Frontline in the third quarter valued at about $80,000. Finally, Triumph Capital Management purchased a new position in Frontline in the third quarter valued at about $97,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on FRO shares. Piper Sandler cut shares of Frontline to a “neutral” rating in a report on Friday, February 27th. BTIG Research increased their price objective on shares of Frontline from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Dnb Carnegie cut shares of Frontline from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. Weiss Ratings raised shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Finally, Evercore cut shares of Frontline from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 21st. Four investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Frontline presently has an average rating of “Hold” and a consensus price target of $39.12.

Frontline Stock Down 0.0%

FRO stock opened at $39.41 on Wednesday. The company’s 50 day simple moving average is $36.42 and its 200-day simple moving average is $31.23. The firm has a market capitalization of $8.77 billion, a PE ratio of 9.71 and a beta of 0.02. Frontline PLC has a 12 month low of $16.25 and a 12 month high of $40.17. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.03 and a quick ratio of 2.03.

Frontline (NYSE:FRO) last released its quarterly earnings results on Friday, May 22nd. The shipping company reported $1.55 EPS for the quarter, missing the consensus estimate of $1.58 by ($0.03). The business had revenue of $714.24 million during the quarter, compared to analyst estimates of $579.59 million. Frontline had a net margin of 36.70% and a return on equity of 27.80%. The firm’s revenue for the quarter was up 66.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.18 earnings per share.

Frontline Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th will be given a $1.55 dividend. This is a boost from Frontline’s previous quarterly dividend of $1.03. This represents a $6.20 annualized dividend and a dividend yield of 15.7%. The ex-dividend date is Friday, June 12th. Frontline’s dividend payout ratio (DPR) is currently 152.71%.

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.