Purpose Unlimited Inc. Takes Position in Frontline PLC $FRO

Purpose Unlimited Inc. acquired a new stake in Frontline PLC (NYSE:FRO) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 55,775 shares of the shipping company’s stock, valued at approximately $1,217,000.

Several other institutional investors also recently modified their holdings of the company. Cantor Fitzgerald L. P. raised its holdings in shares of Frontline by 1.1% in the 3rd quarter. Cantor Fitzgerald L. P. now owns 38,601 shares of the shipping company’s stock valued at $880,000 after purchasing an additional 430 shares during the period. Bank of Montreal Can grew its holdings in Frontline by 0.6% during the fourth quarter. Bank of Montreal Can now owns 73,544 shares of the shipping company’s stock worth $1,605,000 after purchasing an additional 460 shares during the period. Integrated Wealth Concepts LLC increased its position in Frontline by 3.5% during the third quarter. Integrated Wealth Concepts LLC now owns 16,204 shares of the shipping company’s stock worth $369,000 after buying an additional 552 shares during the last quarter. TD Asset Management Inc increased its position in Frontline by 6.3% during the third quarter. TD Asset Management Inc now owns 18,163 shares of the shipping company’s stock worth $415,000 after buying an additional 1,084 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in Frontline in the fourth quarter valued at approximately $25,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FRO has been the subject of a number of recent analyst reports. Dnb Carnegie cut Frontline from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 2nd. Piper Sandler lowered Frontline to a “neutral” rating in a report on Friday, February 27th. Danske cut Frontline to a “hold” rating in a research note on Tuesday, May 26th. Pareto Securities cut Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target on the stock. in a research note on Monday, May 25th. Finally, Wall Street Zen raised Frontline from a “hold” rating to a “buy” rating in a 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, the company presently has a consensus rating of “Hold” and an average target price of $39.12.

Frontline Stock Down 0.3%

Shares of FRO opened at $40.83 on Friday. Frontline PLC has a 52 week low of $16.25 and a 52 week high of $40.96. The firm has a market cap of $9.09 billion, a P/E ratio of 10.06 and a beta of 0.02. The firm’s 50-day simple moving average is $36.68 and its 200 day simple moving average is $31.52. The company has a debt-to-equity ratio of 0.83, a quick ratio of 2.03 and a current ratio of 2.03.

Frontline (NYSE:FRO) last released its quarterly 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 company had revenue of $714.24 million during the quarter, compared to the consensus estimate of $579.59 million. Frontline had a net margin of 36.70% and a return on equity of 27.80%. The firm’s revenue was up 66.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.18 earnings per share.

Frontline Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th will be given a $1.55 dividend. The ex-dividend date of this dividend is Friday, June 12th. This is a positive change from Frontline’s previous quarterly dividend of $1.03. This represents a $6.20 annualized dividend and a dividend yield of 15.2%. Frontline’s dividend payout ratio (DPR) is currently 152.71%.

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.