NewEdge Advisors LLC Acquires New Stake in Frontline PLC $FRO

NewEdge Advisors LLC bought a new position in shares of Frontline PLC (NYSE:FRO) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 26,158 shares of the shipping company’s stock, valued at approximately $912,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Bank of Montreal Can boosted its stake in Frontline by 0.6% during the 4th quarter. Bank of Montreal Can now owns 73,544 shares of the shipping company’s stock valued at $1,605,000 after purchasing an additional 460 shares in the last quarter. Parallel Advisors LLC raised its stake in shares of Frontline by 58.9% in the 1st quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock worth $46,000 after buying an additional 486 shares in the last quarter. NFSG Corp raised its stake in shares of Frontline by 50.0% in the 1st quarter. NFSG Corp now owns 1,500 shares of the shipping company’s stock worth $52,000 after buying an additional 500 shares in the last quarter. Integrated Wealth Concepts LLC lifted its holdings in shares of Frontline by 3.5% in the third quarter. Integrated Wealth Concepts LLC now owns 16,204 shares of the shipping company’s stock valued at $369,000 after buying an additional 552 shares during the period. Finally, Range Financial Group LLC lifted its holdings in shares of Frontline by 0.7% in the first quarter. Range Financial Group LLC now owns 83,007 shares of the shipping company’s stock valued at $2,894,000 after buying an additional 557 shares during the period. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Price Performance

Shares of NYSE:FRO opened at $39.36 on Monday. The company has a market capitalization of $8.76 billion, a PE ratio of 9.69 and a beta of 0.02. The company has a debt-to-equity ratio of 0.83, a quick ratio of 2.03 and a current ratio of 2.03. The stock has a fifty day moving average of $37.46 and a 200-day moving average of $34.83. Frontline PLC has a one year low of $18.26 and a one year high of $43.10.

Frontline Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th were given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 15.8%. This is a boost from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend was Friday, June 12th. Frontline’s payout ratio is presently 152.71%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. BTIG Research raised their target price on Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Weiss Ratings raised shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a report on Friday, May 22nd. Wall Street Zen upgraded shares of Frontline from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 27th. Evercore cut shares of Frontline from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 21st. Finally, Pareto Securities downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 target price on the stock. in a report on Monday, May 25th. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $41.62.

Frontline Profile

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.