Svenska Handelsbanken AB publ Lowers Stock Position in Frontline PLC $FRO

Svenska Handelsbanken AB publ trimmed its holdings in Frontline PLC (NYSE:FRO) by 30.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,734 shares of the shipping company’s stock after selling 24,380 shares during the period. Frontline accounts for 100.0% of Svenska Handelsbanken AB publ’s holdings, making the stock its largest position. Svenska Handelsbanken AB publ’s holdings in Frontline were worth $1,213,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in FRO. Farther Finance Advisors LLC grew its position in Frontline by 69.1% during the fourth quarter. Farther Finance Advisors LLC now owns 25,812 shares of the shipping company’s stock worth $563,000 after buying an additional 10,550 shares in the last quarter. Sound Income Strategies LLC bought a new position in Frontline during the 4th quarter worth $53,000. Range Financial Group LLC increased its stake in Frontline by 12.4% during the 4th quarter. Range Financial Group LLC now owns 82,450 shares of the shipping company’s stock worth $1,799,000 after acquiring an additional 9,103 shares during the period. JPMorgan Chase & Co. raised its holdings in Frontline by 2.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 561,525 shares of the shipping company’s stock valued at $12,797,000 after acquiring an additional 11,941 shares in the last quarter. Finally, Triumph Capital Management acquired a new position in Frontline in the 3rd quarter valued at $97,000. 22.70% of the stock is currently owned by institutional investors.

Frontline Price Performance

Shares of NYSE:FRO opened at $35.46 on Thursday. The company has a quick ratio of 1.19, a current ratio of 1.43 and a debt-to-equity ratio of 1.09. The stock’s 50 day moving average is $33.78 and its 200-day moving average is $27.39. Frontline PLC has a twelve month low of $14.46 and a twelve month high of $39.89. The firm has a market capitalization of $7.89 billion, a price-to-earnings ratio of 20.86 and a beta of 0.05.

Frontline (NYSE:FRO) last posted its earnings results on Saturday, February 28th. The shipping company reported $1.03 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.10). Frontline had a return on equity of 16.51% and a net margin of 19.31%.The business had revenue of $624.51 million for the quarter, compared to the consensus estimate of $456.90 million. During the same period in the previous year, the firm earned $0.20 earnings per share. The company’s revenue was up 46.7% on a year-over-year basis. Sell-side analysts forecast that Frontline PLC will post 1.78 EPS for the current fiscal year.

Frontline Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Investors of record on Thursday, March 12th were given a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a yield of 11.6%. The ex-dividend date of this dividend was Thursday, March 12th. This is an increase from Frontline’s previous quarterly dividend of $0.19. Frontline’s payout ratio is currently 242.35%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FRO. Weiss Ratings reiterated a “hold (c)” rating on shares of Frontline in a research note on Friday, March 27th. Clarkson Capital raised Frontline from a “neutral” rating to a “buy” rating in a report on Monday, January 12th. Evercore reissued an “outperform” rating and set a $42.00 target price on shares of Frontline in a report on Friday, February 27th. Wall Street Zen upgraded Frontline from a “hold” rating to a “buy” rating in a research report on Saturday, April 4th. Finally, Dnb Carnegie lowered shares of Frontline from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Frontline presently has an average rating of “Moderate Buy” and an average price target of $38.00.

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.