Frontline PLC $FRO is Svenska Handelsbanken AB publ’s Largest Position

Svenska Handelsbanken AB publ cut its holdings in shares of Frontline PLC (NYSE:FRO) by 27.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 39,536 shares of the shipping company’s stock after selling 15,198 shares during the period. Frontline comprises about 100.0% of Svenska Handelsbanken AB publ’s investment portfolio, making the stock its biggest holding. Svenska Handelsbanken AB publ’s holdings in Frontline were worth $1,382,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Frontline during the fourth quarter worth 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 acquired a new stake in Frontline during the 4th quarter valued at approximately $53,000. CIBC Private Wealth Group LLC acquired a new stake in Frontline during the 3rd quarter valued at approximately $80,000. Finally, Triumph Capital Management purchased a new stake in Frontline during the 3rd quarter worth approximately $97,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FRO has been the topic of a number of recent analyst reports. Piper Sandler lowered Frontline to a “neutral” rating in a research report on Friday, February 27th. Pareto Securities lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target for the company. in a research note on Monday, May 25th. BTIG Research upped their price target on shares of Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday. Dnb Carnegie downgraded shares of Frontline from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. Finally, Danske lowered shares of Frontline to a “hold” rating in a report on Tuesday, May 26th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $41.62.

Frontline Trading Down 5.0%

NYSE FRO opened at $40.74 on Thursday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 2.03 and a current ratio of 2.03. Frontline PLC has a one year low of $16.25 and a one year high of $43.10. The company has a 50-day simple moving average of $37.10 and a 200-day simple moving average of $31.97. The firm has a market capitalization of $9.07 billion, a PE ratio of 10.03 and a beta of 0.02.

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

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 issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 15.2%. 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 dividend payout ratio is currently 152.71%.

Frontline Company 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.