Frontline PLC $FRO Stock Purchased by Artemis Investment Management LLP

Artemis Investment Management LLP increased its holdings in Frontline PLC (NYSE:FRO) by 3.5% during the third quarter, Holdings Channel reports. The firm owned 774,952 shares of the shipping company’s stock after acquiring an additional 26,380 shares during the quarter. Artemis Investment Management LLP’s holdings in Frontline were worth $38,182,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership increased its holdings in Frontline by 4,659.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,783,681 shares of the shipping company’s stock valued at $202,080,000 after acquiring an additional 5,662,172 shares during the last quarter. BlackRock Inc. bought a new position in Frontline during the second quarter valued at approximately $50,846,000. Renaissance Technologies LLC grew its holdings in Frontline by 133.5% during the 1st quarter. Renaissance Technologies LLC now owns 927,838 shares of the shipping company’s stock valued at $32,344,000 after buying an additional 530,500 shares in the last quarter. Bank of America Corp DE purchased a new position in Frontline during the 2nd quarter valued at approximately $30,123,000. Finally, Amundi increased its stake in Frontline by 162.6% in the 2nd quarter. Amundi now owns 847,488 shares of the shipping company’s stock worth $29,809,000 after acquiring an additional 524,804 shares during the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on FRO shares. BTIG Research increased their target price on Frontline from $55.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, September 18th. DZ Bank downgraded shares of Frontline from a “hold” rating to a “sell” rating in a research note on Friday, August 21st. Danske lowered shares of Frontline from a “hold” rating to a “sell” rating in a research report on Friday, August 21st. Nordea Equity Research downgraded Frontline to a “hold” rating in a research report on Monday, August 31st. Finally, Wall Street Zen upgraded shares of Frontline from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 29th. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $45.37.

Frontline Trading Up 5.6%

FRO stock traded up $2.97 during midday trading on Thursday, reaching $56.03. The company’s stock had a trading volume of 2,742,660 shares, compared to its average volume of 3,320,078. Frontline PLC has a 1 year low of $20.47 and a 1 year high of $55.86. The firm has a market capitalization of $12.47 billion, a price-to-earnings ratio of 8.37 and a beta of 0.15. The stock has a fifty day simple moving average of $45.62 and a two-hundred day simple moving average of $39.86. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.87 and a current ratio of 1.87.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Friday, August 28th. The shipping company reported $2.61 EPS for the quarter, missing analysts’ consensus estimates of $2.74 by ($0.13). The company had revenue of $943.30 million during the quarter, compared to the consensus estimate of $758.89 million. Frontline had a return on equity of 44.24% and a net margin of 49.47%.The company’s revenue for the quarter was up 96.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.36 earnings per share.

Frontline Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 28th. Shareholders of record on Friday, September 18th were paid a $2.61 dividend. The ex-dividend date was Friday, September 18th. This represents a $10.44 dividend on an annualized basis and a yield of 18.6%. This is an increase from Frontline’s previous quarterly dividend of $1.55. Frontline’s payout ratio is currently 156.52%.

Frontline Company Profile

Frontline plc (NYSE: FRO) is a maritime transportation company that owns and operates a fleet of crude oil and refined petroleum product tankers. Its vessels transport energy commodities for oil companies, commodity traders, refineries and other customers in international markets.

The company’s fleet primarily includes very large crude carriers (VLCCs), Suezmax tankers and Aframax or LR2 tankers. Frontline generally employs its vessels through a combination of voyage charters, time charters and commercial pool arrangements, allowing it to serve major global shipping routes and connect oil-producing regions with refineries and consuming markets.

Frontline has roots in the Norwegian shipping industry and is associated with shipping entrepreneur John Fredriksen.