Two Sigma Advisers LP Sells 370,700 Shares of Frontline plc (NYSE:FRO)

Two Sigma Advisers LP cut its holdings in Frontline plc (NYSE:FRO) by 27.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 968,500 shares of the shipping company’s stock after selling 370,700 shares during the quarter. Two Sigma Advisers LP’s holdings in Frontline were worth $13,743,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Cooper Creek Partners Management LLC purchased a new position in shares of Frontline in the fourth quarter worth $41,447,000. Hartree Partners LP increased its holdings in Frontline by 482.6% in the 4th quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company’s stock worth $15,047,000 after buying an additional 878,885 shares in the last quarter. Mirabella Financial Services LLP purchased a new position in Frontline in the 4th quarter worth about $9,224,000. Marshall Wace LLP raised its position in Frontline by 137.2% in the 4th quarter. Marshall Wace LLP now owns 1,090,427 shares of the shipping company’s stock worth $15,473,000 after buying an additional 630,685 shares during the last quarter. Finally, Capital Fund Management S.A. bought a new position in Frontline during the 4th quarter valued at about $5,216,000. 22.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FRO. Evercore ISI decreased their price objective on shares of Frontline from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 target price on shares of Frontline in a research report on Thursday, March 27th. Two research analysts have rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $20.62.

Frontline Trading Down 1.7%

Frontline stock opened at $17.69 on Thursday. Frontline plc has a 52-week low of $12.40 and a 52-week high of $29.39. The company has a market cap of $3.94 billion, a P/E ratio of 7.22 and a beta of 0.24. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. The business has a 50-day simple moving average of $15.97 and a two-hundred day simple moving average of $16.41.

Frontline (NYSE:FRO) last announced its earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.20. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company had revenue of $425.60 million during the quarter, compared to analyst estimates of $273.16 million. During the same period in the previous year, the business posted $0.46 earnings per share. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. Analysts predict that Frontline plc will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.20 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 4.52%. Frontline’s dividend payout ratio (DPR) is 36.04%.

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.