Hsbc Holdings PLC Purchases 149,590 Shares of Frontline PLC $FRO

Hsbc Holdings PLC raised its position in shares of Frontline PLC (NYSE:FRO) by 195.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 226,079 shares of the shipping company’s stock after buying an additional 149,590 shares during the quarter. Hsbc Holdings PLC owned about 0.10% of Frontline worth $4,922,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Voloridge Investment Management LLC bought a new position in shares of Frontline during the 4th quarter valued at approximately $15,676,000. Balyasny Asset Management L.P. grew its holdings in shares of Frontline by 44.0% in the third quarter. Balyasny Asset Management L.P. now owns 2,247,120 shares of the shipping company’s stock valued at $51,212,000 after purchasing an additional 686,212 shares in the last quarter. Barclays PLC increased its position in Frontline by 256.9% in the fourth quarter. Barclays PLC now owns 826,343 shares of the shipping company’s stock worth $18,031,000 after purchasing an additional 594,811 shares during the last quarter. Forest Avenue Capital Management LP purchased a new stake in Frontline during the fourth quarter valued at $11,917,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its position in Frontline by 882.4% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 583,166 shares of the shipping company’s stock valued at $12,725,000 after purchasing an additional 523,806 shares during the last quarter. Institutional investors own 22.70% of the company’s stock.

Frontline Stock Performance

Shares of NYSE:FRO opened at $35.48 on Friday. The firm’s 50 day simple moving average is $37.19 and its 200-day simple moving average is $32.10. 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 firm has a market cap of $7.90 billion, a PE ratio of 8.74 and a beta of 0.02.

Frontline (NYSE:FRO) last announced 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). Frontline had a net margin of 36.70% and a return on equity of 27.80%. The firm had revenue of $714.24 million during the quarter, compared to analysts’ expectations of $579.59 million. During the same quarter in the previous year, the firm posted $0.18 EPS. The firm’s revenue for the quarter was up 66.9% on a year-over-year basis.

Frontline Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th were issued a $1.55 dividend. The ex-dividend date was Friday, June 12th. This represents a $6.20 annualized dividend and a dividend yield of 17.5%. This is a positive change from Frontline’s previous quarterly dividend of $1.03. Frontline’s dividend payout ratio (DPR) is currently 152.71%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FRO. Danske downgraded shares of Frontline to a “hold” rating in a report on Tuesday, May 26th. Dnb Carnegie cut Frontline from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. Wall Street Zen upgraded Frontline from a “buy” rating to a “strong-buy” rating in a research report on Saturday. BTIG Research raised their price objective on Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Evercore cut Frontline from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 21st. Four investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $41.62.

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.