Pinpoint Asset Management Singapore Pte. Ltd. Trims Position in Frontline PLC $FRO

Pinpoint Asset Management Singapore Pte. Ltd. lessened its holdings in shares of Frontline PLC (NYSE:FRO) by 12.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 272,455 shares of the shipping company’s stock after selling 39,673 shares during the quarter. Frontline makes up about 1.2% of Pinpoint Asset Management Singapore Pte. Ltd.’s investment portfolio, making the stock its 16th biggest position. Pinpoint Asset Management Singapore Pte. Ltd. owned 0.12% of Frontline worth $5,945,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in FRO. Balyasny Asset Management L.P. lifted its stake in shares of Frontline by 44.0% during the 3rd quarter. Balyasny Asset Management L.P. now owns 2,247,120 shares of the shipping company’s stock worth $51,212,000 after purchasing an additional 686,212 shares during the period. Skandinaviska Enskilda Banken AB publ lifted its stake in shares of Frontline by 882.4% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 583,166 shares of the shipping company’s stock worth $12,725,000 after purchasing an additional 523,806 shares during the period. Millennium Management LLC purchased a new position in shares of Frontline during the 1st quarter worth $7,587,000. Citigroup Inc. lifted its stake in shares of Frontline by 185.8% during the 3rd quarter. Citigroup Inc. now owns 606,443 shares of the shipping company’s stock worth $13,821,000 after purchasing an additional 394,226 shares during the period. Finally, Merewether Investment Management LP purchased a new position in shares of Frontline during the 2nd quarter worth $5,246,000. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Analyst Upgrades and Downgrades

FRO has been the topic of several research reports. Danske lowered Frontline to a “hold” rating in a research report on Tuesday, May 26th. BTIG Research increased their target price on Frontline from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Pareto Securities lowered Frontline from a “buy” rating to a “hold” rating and set a $39.46 target price on the stock. in a research report on Monday, May 25th. Piper Sandler lowered Frontline to a “neutral” rating in a research report on Friday, February 27th. Finally, Wall Street Zen raised Frontline from a “hold” rating to a “buy” rating in a research report on Saturday, April 4th. Four research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $39.12.

Frontline Trading Up 5.0%

Shares of FRO opened at $39.01 on Friday. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $8.68 billion, a P/E ratio of 9.61 and a beta of 0.02. The stock’s fifty day simple moving average is $36.31 and its 200 day simple moving average is $30.97. Frontline PLC has a twelve month low of $16.25 and a twelve month high of $39.89.

Frontline (NYSE:FRO) last issued its earnings results on Friday, May 22nd. The shipping company reported $1.55 earnings per share for the quarter, missing the consensus estimate of $1.58 by ($0.03). The firm had revenue of $714.24 million during the quarter, compared to analysts’ expectations of $579.59 million. Frontline had a return on equity of 27.80% and a net margin of 36.70%.The company’s quarterly revenue was up 66.9% compared to the same quarter last year. During the same period last year, the business posted $0.18 earnings per share.

Frontline Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Friday, June 12th will be issued a $1.55 dividend. The ex-dividend date is Friday, June 12th. This represents a $6.20 annualized dividend and a yield of 15.9%. This is an increase from Frontline’s previous quarterly dividend of $1.03. Frontline’s payout ratio is currently 101.48%.

Frontline Company 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.