Squarepoint Ops LLC Boosts Holdings in Frontline PLC $FRO

Squarepoint Ops LLC lifted its stake in shares of Frontline PLC (NYSE:FRO) by 17,093.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 79,607 shares of the shipping company’s stock after acquiring an additional 79,144 shares during the period. Squarepoint Ops LLC’s holdings in Frontline were worth $1,306,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. State of Wyoming purchased a new position in Frontline during the second quarter worth approximately $105,000. Moore Capital Management LP increased its holdings in shares of Frontline by 83.6% during the 2nd quarter. Moore Capital Management LP now owns 141,544 shares of the shipping company’s stock worth $2,323,000 after buying an additional 64,438 shares during the last quarter. Merewether Investment Management LP purchased a new position in shares of Frontline in the 2nd quarter worth $5,246,000. Engineers Gate Manager LP acquired a new position in Frontline in the second quarter valued at $1,814,000. Finally, Balyasny Asset Management L.P. grew its position in Frontline by 28.3% during the second quarter. Balyasny Asset Management L.P. now owns 1,560,908 shares of the shipping company’s stock valued at $25,614,000 after acquiring an additional 344,706 shares during the period. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Frontline Stock Down 1.4%

Shares of NYSE:FRO opened at $21.70 on Friday. The company has a market capitalization of $4.83 billion, a price-to-earnings ratio of 22.14 and a beta of 0.06. The company has a 50 day moving average of $23.71 and a two-hundred day moving average of $21.31. Frontline PLC has a 52-week low of $12.40 and a 52-week high of $26.00. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.27.

Frontline (NYSE:FRO) last announced its earnings results on Friday, November 21st. The shipping company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.04). The firm had revenue of $257.04 million during the quarter, compared to analysts’ expectations of $265.23 million. Frontline had a net margin of 12.23% and a return on equity of 8.89%. During the same quarter last year, the company posted $0.34 earnings per share. As a group, analysts forecast that Frontline PLC will post 1.78 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 12th were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Friday, December 12th. Frontline’s dividend payout ratio (DPR) is 77.55%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on FRO shares. Wall Street Zen upgraded Frontline from a “sell” rating to a “hold” rating in a report on Friday, September 26th. Clarkson Capital upgraded shares of Frontline to a “hold” rating in a report on Monday, November 24th. Jefferies Financial Group boosted their price objective on shares of Frontline from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, November 21st. Evercore ISI increased their price objective on shares of Frontline from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. Finally, BTIG Research lifted their target price on shares of Frontline from $25.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, September 17th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $24.62.

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.