Melqart Asset Management UK Ltd Makes New Investment in Frontline PLC $FRO

Melqart Asset Management UK Ltd purchased a new position in shares of Frontline PLC (NYSE:FRO) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 19,195 shares of the shipping company’s stock, valued at approximately $437,000.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Frontline by 2.9% in the 3rd quarter. Vanguard Group Inc. now owns 5,840,353 shares of the shipping company’s stock valued at $133,738,000 after buying an additional 164,776 shares in the last quarter. Marshall Wace LLP raised its position in Frontline by 155.1% during the second quarter. Marshall Wace LLP now owns 1,692,537 shares of the shipping company’s stock valued at $27,775,000 after acquiring an additional 1,029,034 shares in the last quarter. Balyasny Asset Management L.P. raised its position in Frontline by 28.3% during the second quarter. Balyasny Asset Management L.P. now owns 1,560,908 shares of the shipping company’s stock valued at $25,614,000 after acquiring an additional 344,706 shares in the last quarter. SG Americas Securities LLC lifted its stake in Frontline by 20.6% in the third quarter. SG Americas Securities LLC now owns 1,058,260 shares of the shipping company’s stock valued at $24,118,000 after acquiring an additional 180,731 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Frontline by 27.3% in the second quarter. The Manufacturers Life Insurance Company now owns 942,698 shares of the shipping company’s stock valued at $15,477,000 after acquiring an additional 202,142 shares during the last quarter. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Trading Down 2.0%

NYSE:FRO opened at $30.17 on Friday. The company’s 50 day moving average is $30.01 and its 200-day moving average is $25.48. The company has a quick ratio of 1.37, a current ratio of 1.43 and a debt-to-equity ratio of 1.09. Frontline PLC has a 12 month low of $12.40 and a 12 month high of $39.89. The firm has a market cap of $6.72 billion and a price-to-earnings ratio of 17.74.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Friday, February 27th. The shipping company reported $1.03 earnings per share (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 firm had revenue of $424.51 million for the quarter, compared to the consensus estimate of $456.90 million. During the same period in the prior year, the company posted $0.20 earnings per share. Frontline’s quarterly revenue was up 46.7% on a year-over-year basis. Equities analysts anticipate that Frontline PLC will post 1.78 EPS for the current year.

Frontline Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Stockholders of record on Thursday, March 12th will be given a $1.03 dividend. This is an increase from Frontline’s previous quarterly dividend of $0.19. This represents a $4.12 annualized dividend and a dividend yield of 13.7%. The ex-dividend date of this dividend is Thursday, March 12th. Frontline’s dividend payout ratio (DPR) is 242.35%.

Analyst Ratings Changes

Several brokerages have recently commented on FRO. Weiss Ratings restated a “hold (c)” rating on shares of Frontline in a research note on Monday, December 29th. Dnb Carnegie lowered shares of Frontline from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. BTIG Research upped their price objective on shares of Frontline from $35.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Jefferies Financial Group increased their target price on shares of Frontline from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, November 21st. Finally, Clarkson Capital raised Frontline from a “neutral” rating to a “buy” rating in a research report on Monday, January 12th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $31.62.

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.