Frontline plc (NYSE:FRO) Shares Sold by Two Sigma Investments LP

Two Sigma Investments LP reduced its position in Frontline plc (NYSE:FRO) by 41.9% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 765,664 shares of the shipping company’s stock after selling 551,831 shares during the quarter. Two Sigma Investments LP’s holdings in Frontline were worth $10,865,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. Point72 Asset Management L.P. acquired a new position in Frontline in the 4th quarter valued at $2,134,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Frontline by 8.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 730,979 shares of the shipping company’s stock valued at $10,355,000 after buying an additional 58,386 shares during the period. Jefferies Financial Group Inc. acquired a new position in Frontline in the 4th quarter valued at $425,000. Glenorchy Capital Ltd grew its stake in shares of Frontline by 4.6% during the 4th quarter. Glenorchy Capital Ltd now owns 182,325 shares of the shipping company’s stock worth $2,587,000 after purchasing an additional 8,025 shares during the period. Finally, Deutsche Bank AG grew its stake in shares of Frontline by 15.4% during the 4th quarter. Deutsche Bank AG now owns 334,343 shares of the shipping company’s stock worth $4,744,000 after purchasing an additional 44,626 shares during the period. 22.70% of the stock is owned by institutional investors and hedge funds.

Frontline Stock Performance

NYSE:FRO opened at $18.36 on Friday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. Frontline plc has a fifty-two week low of $12.40 and a fifty-two week high of $29.39. The stock has a market cap of $4.09 billion, a PE ratio of 7.49 and a beta of 0.24. The firm’s fifty day simple moving average is $16.05 and its 200-day simple moving average is $16.39.

Frontline (NYSE:FRO) last released its quarterly earnings data on Friday, May 23rd. The shipping company reported $0.18 EPS for the quarter, hitting the consensus estimate of $0.18. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The business had revenue of $427.87 million for the quarter, compared to analyst estimates of $252.26 million. During the same period in the previous year, the firm earned $0.62 EPS. The business’s revenue for the quarter was down 26.0% compared to the same quarter last year. 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 Monday, March 31st. Investors of record on Friday, March 14th were given a $0.20 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 4.36%. Frontline’s dividend payout ratio is presently 36.04%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FRO. Kepler Capital Markets set a $12.49 price target on shares of Frontline in a research note on Thursday, March 27th. Evercore ISI lowered their price target on shares of Frontline from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $20.62.

About Frontline

Frontline plc, a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.