Tidal Investments LLC Reduces Stock Holdings in Frontline PLC $FRO

Tidal Investments LLC trimmed its position in shares of Frontline PLC (NYSE:FRO) by 13.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 151,580 shares of the shipping company’s stock after selling 23,959 shares during the quarter. Tidal Investments LLC’s holdings in Frontline were worth $5,273,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. WINTON GROUP Ltd raised its stake in shares of Frontline by 72.0% in the second quarter. WINTON GROUP Ltd now owns 12,900 shares of the shipping company’s stock valued at $449,000 after buying an additional 5,400 shares during the period. Integrated Wealth Concepts LLC grew its stake in shares of Frontline by 13.9% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 22,969 shares of the shipping company’s stock worth $799,000 after acquiring an additional 2,810 shares during the period. NewEdge Advisors LLC grew its stake in shares of Frontline by 3.7% during the 2nd quarter. NewEdge Advisors LLC now owns 27,115 shares of the shipping company’s stock worth $943,000 after acquiring an additional 957 shares during the period. Amundi increased its holdings in Frontline by 162.6% in the 2nd quarter. Amundi now owns 847,488 shares of the shipping company’s stock worth $29,809,000 after acquiring an additional 524,804 shares during the last quarter. Finally, Triumph Capital Management increased its holdings in Frontline by 131.0% in the 2nd quarter. Triumph Capital Management now owns 8,931 shares of the shipping company’s stock worth $311,000 after acquiring an additional 5,064 shares during the last quarter. 22.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. BTIG Research upped their price objective on shares of Frontline from $45.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Nordea Equity Research lowered shares of Frontline to a “hold” rating in a research report on Monday, August 31st. Wall Street Zen upgraded shares of Frontline from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 29th. DZ Bank downgraded shares of Frontline from a “hold” rating to a “sell” rating in a report on Friday, August 21st. Finally, Weiss Ratings raised shares of Frontline from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, August 28th. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Frontline currently has an average rating of “Hold” and a consensus price target of $41.62.

Frontline Stock Up 0.0%

Shares of NYSE FRO opened at $49.21 on Monday. Frontline PLC has a 52 week low of $20.47 and a 52 week high of $49.56. The business has a 50-day simple moving average of $41.02 and a two-hundred day simple moving average of $37.84. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.69. The company has a market cap of $10.96 billion, a P/E ratio of 7.38 and a beta of 0.05.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Friday, August 28th. The shipping company reported $2.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.74 by ($0.13). Frontline had a return on equity of 44.24% and a net margin of 49.47%.The firm had revenue of $943.30 million during the quarter, compared to analysts’ expectations of $758.89 million. During the same period in the previous year, the company posted $0.36 earnings per share. The company’s quarterly revenue was up 96.5% compared to the same quarter last year.

Frontline Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Friday, September 18th will be given a $2.61 dividend. This represents a $10.44 dividend on an annualized basis and a dividend yield of 21.2%. This is a boost from Frontline’s previous quarterly dividend of $1.55. The ex-dividend date is Friday, September 18th. Frontline’s dividend payout ratio (DPR) is 92.95%.

Frontline Company Profile

Frontline plc is a maritime shipping company that owns and operates tankers engaged primarily in the transportation of crude oil and refined petroleum products. Its fleet has included very large crude carriers (VLCCs), Suezmax tankers and long-range product tankers, which transport energy commodities for oil companies, trading firms and other customers worldwide.

The company’s vessels operate on international shipping routes, serving major oil-producing, refining and consuming regions.