Two Sigma Advisers LP Decreases Stock Holdings in Frontline plc (NYSE:FRO)

Two Sigma Advisers LP lowered its stake in Frontline plc (NYSE:FRO) by 16.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,339,200 shares of the shipping company’s stock after selling 262,700 shares during the quarter. Two Sigma Advisers LP’s holdings in Frontline were worth $30,601,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Cetera Advisors LLC lifted its holdings in shares of Frontline by 40.1% during the 1st quarter. Cetera Advisors LLC now owns 14,634 shares of the shipping company’s stock valued at $342,000 after buying an additional 4,187 shares during the period. Blue Trust Inc. increased its position in Frontline by 17,866.7% during the second quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock valued at $56,000 after acquiring an additional 2,144 shares during the last quarter. Paradiem LLC lifted its holdings in Frontline by 2.1% in the second quarter. Paradiem LLC now owns 366,373 shares of the shipping company’s stock valued at $9,438,000 after acquiring an additional 7,685 shares during the period. Summit Global Investments bought a new position in Frontline in the second quarter valued at about $1,995,000. Finally, Summit Securities Group LLC boosted its position in Frontline by 75.0% in the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock worth $36,000 after purchasing an additional 600 shares during the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Analysts Set New Price Targets

FRO has been the subject of several research reports. StockNews.com raised shares of Frontline to a “sell” rating in a research report on Thursday, September 5th. Jefferies Financial Group reaffirmed a “buy” rating and set a $26.00 target price on shares of Frontline in a report on Wednesday, November 27th. BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a research note on Monday, October 7th. Finally, Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a research note on Friday, September 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $27.26.

Frontline Stock Performance

Shares of NYSE:FRO opened at $15.29 on Friday. Frontline plc has a 1-year low of $15.10 and a 1-year high of $29.39. The firm’s 50 day simple moving average is $20.27 and its two-hundred day simple moving average is $23.02. The company has a quick ratio of 1.38, a current ratio of 1.43 and a debt-to-equity ratio of 1.44.

Frontline (NYSE:FRO) last released its earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.05). Frontline had a net margin of 25.64% and a return on equity of 19.25%. During the same quarter in the previous year, the firm posted $0.36 EPS. On average, research analysts anticipate that Frontline plc will post 1.83 EPS for the current year.

Frontline Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 8.89%. The ex-dividend date of this dividend is Wednesday, December 11th. Frontline’s dividend payout ratio (DPR) is 101.22%.

Frontline Company Profile

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.