Fearnley Asset Management AS Invests $7 Million in Frontline PLC $FRO

Fearnley Asset Management AS bought a new stake in Frontline PLC (NYSE:FRO) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 317,291 shares of the shipping company’s stock, valued at approximately $6,997,000. Frontline makes up 3.2% of Fearnley Asset Management AS’s holdings, making the stock its 13th largest position. Fearnley Asset Management AS owned 0.14% of Frontline at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of FRO. Vanguard Group Inc. boosted its stake in Frontline by 2.9% in the third quarter. Vanguard Group Inc. now owns 5,840,353 shares of the shipping company’s stock valued at $133,738,000 after acquiring an additional 164,776 shares in the last quarter. Citigroup Inc. increased its position in shares of Frontline by 185.8% during the third quarter. Citigroup Inc. now owns 606,443 shares of the shipping company’s stock worth $13,821,000 after purchasing an additional 394,226 shares in the last quarter. Melqart Asset Management UK Ltd acquired a new stake in shares of Frontline during the third quarter worth about $437,000. UBS Group AG lifted its holdings in shares of Frontline by 18.2% in the 4th quarter. UBS Group AG now owns 1,411,265 shares of the shipping company’s stock valued at $30,794,000 after purchasing an additional 217,760 shares during the last quarter. Finally, MQS Management LLC acquired a new stake in shares of Frontline in the 4th quarter valued at about $494,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on FRO shares. Weiss Ratings upgraded Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, May 22nd. Evercore cut Frontline from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 21st. Piper Sandler downgraded Frontline to a “neutral” rating in a report on Friday, February 27th. Pareto Securities lowered shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 target price on the stock. in a research report on Monday, May 25th. Finally, Wall Street Zen raised shares of Frontline from a “hold” rating to a “buy” rating in a report on Saturday, April 4th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $39.12.

Frontline Price Performance

Shares of NYSE:FRO opened at $40.83 on Friday. Frontline PLC has a one year low of $16.25 and a one year high of $40.96. The stock has a market capitalization of $9.09 billion, a price-to-earnings ratio of 10.06 and a beta of 0.02. The company has a 50-day simple moving average of $36.68 and a 200-day simple moving average of $31.52. 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 (NYSE:FRO) last released its quarterly earnings results on Friday, May 22nd. The shipping company reported $1.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.03). The company had revenue of $714.24 million for the quarter, compared to analysts’ expectations of $579.59 million. Frontline had a return on equity of 27.80% and a net margin of 36.70%.The business’s quarterly revenue was up 66.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.18 EPS.

Frontline Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th will be paid a $1.55 dividend. This is an increase from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date is Friday, June 12th. This represents a $6.20 annualized dividend and a dividend yield of 15.2%. Frontline’s dividend payout ratio (DPR) is 152.71%.

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.