Bayforest Capital Ltd Has $151,000 Stake in Frontline PLC $FRO

Bayforest Capital Ltd reduced its position in Frontline PLC (NYSE:FRO) by 83.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 6,636 shares of the shipping company’s stock after selling 33,597 shares during the quarter. Bayforest Capital Ltd’s holdings in Frontline were worth $151,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FRO. Financial Gravity Companies Inc. acquired a new position in shares of Frontline during the second quarter worth $25,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Frontline during the 2nd quarter worth $33,000. Caitong International Asset Management Co. Ltd increased its position in Frontline by 3,353.0% in the second quarter. Caitong International Asset Management Co. Ltd now owns 4,627 shares of the shipping company’s stock worth $76,000 after buying an additional 4,493 shares during the last quarter. State of Wyoming bought a new position in Frontline in the 2nd quarter worth approximately $105,000. Finally, Steward Partners Investment Advisory LLC increased its position in shares of Frontline by 17.5% during the second quarter. Steward Partners Investment Advisory LLC now owns 9,730 shares of the shipping company’s stock valued at $160,000 after buying an additional 1,447 shares during the period. Institutional investors own 22.70% of the company’s stock.

Frontline Trading Up 0.2%

Shares of FRO stock opened at $26.09 on Thursday. Frontline PLC has a fifty-two week low of $12.40 and a fifty-two week high of $26.80. The firm has a market capitalization of $5.81 billion, a P/E ratio of 26.62 and a beta of 0.08. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.37 and a current ratio of 1.37. The stock’s fifty day moving average is $23.39 and its two-hundred day moving average is $21.87.

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

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 12th were paid a $0.19 dividend. The ex-dividend date was Friday, December 12th. This represents a $0.76 dividend on an annualized basis and a yield of 2.9%. Frontline’s payout ratio is currently 77.55%.

Wall Street Analyst Weigh In

A number of brokerages have commented on FRO. Evercore ISI increased their price target on shares of Frontline from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, October 28th. Clarkson Capital upgraded shares of Frontline from a “neutral” rating to a “buy” rating in a research note on Monday. Wall Street Zen upgraded Frontline from a “sell” rating to a “hold” rating in a research note on Friday, September 26th. Jefferies Financial Group lifted their price objective on Frontline from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, November 21st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Frontline in a research note on Monday, December 29th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Frontline currently has an average rating of “Moderate Buy” and a consensus target price of $24.62.

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.