Frontline PLC $FRO Shares Purchased by Melqart Asset Management UK Ltd

Melqart Asset Management UK Ltd lifted its position in Frontline PLC (NYSE:FRO) by 421.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 100,016 shares of the shipping company’s stock after purchasing an additional 80,821 shares during the quarter. Melqart Asset Management UK Ltd’s holdings in Frontline were worth $2,182,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cantor Fitzgerald L. P. raised its stake in Frontline by 1.1% during the third quarter. Cantor Fitzgerald L. P. now owns 38,601 shares of the shipping company’s stock worth $880,000 after purchasing an additional 430 shares during the period. Bank of Montreal Can grew its stake in shares of Frontline by 0.6% in the 4th quarter. Bank of Montreal Can now owns 73,544 shares of the shipping company’s stock valued at $1,605,000 after buying an additional 460 shares during the period. Integrated Wealth Concepts LLC grew its stake in shares of Frontline by 3.5% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 16,204 shares of the shipping company’s stock valued at $369,000 after buying an additional 552 shares during the period. TD Asset Management Inc increased its holdings in shares of Frontline by 6.3% during the 3rd quarter. TD Asset Management Inc now owns 18,163 shares of the shipping company’s stock worth $415,000 after buying an additional 1,084 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Frontline during the 4th quarter valued at approximately $25,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Price Performance

Frontline stock opened at $39.41 on Wednesday. The company’s 50 day simple moving average is $36.42 and its 200-day simple moving average is $31.23. 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 1 year low of $16.25 and a 1 year high of $40.17. The company has a market capitalization of $8.77 billion, a price-to-earnings ratio of 9.71 and a beta of 0.02.

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

Frontline Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Friday, June 12th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 15.7%. This is a positive change from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date is Friday, June 12th. Frontline’s payout ratio is currently 152.71%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on FRO shares. BTIG Research upped their price objective on Frontline from $42.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Piper Sandler cut Frontline to a “neutral” rating in a research note on Friday, February 27th. Dnb Carnegie downgraded Frontline from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 2nd. Pareto Securities lowered Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target on the stock. in a research note on Monday, May 25th. Finally, Danske cut Frontline to a “hold” rating in a report on Tuesday, May 26th. Four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $39.12.

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.