Frontline PLC $FRO Stake Lifted by GeoSphere Capital Management LLC

GeoSphere Capital Management LLC raised its position in Frontline PLC (NYSE:FRO) by 66.7% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 200,000 shares of the shipping company’s stock after purchasing an additional 80,000 shares during the period. Frontline accounts for approximately 1.4% of GeoSphere Capital Management LLC’s portfolio, making the stock its 10th biggest holding. GeoSphere Capital Management LLC’s holdings in Frontline were worth $4,364,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC grew its stake in Frontline by 2.9% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 14,717 shares of the shipping company’s stock valued at $335,000 after acquiring an additional 418 shares in the last quarter. Cantor Fitzgerald L. P. grew its stake in Frontline by 1.1% during the 3rd quarter. Cantor Fitzgerald L. P. now owns 38,601 shares of the shipping company’s stock valued at $880,000 after acquiring an additional 430 shares in the last quarter. Integrated Wealth Concepts LLC grew its stake in Frontline by 3.5% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 16,204 shares of the shipping company’s stock valued at $369,000 after acquiring an additional 552 shares in the last quarter. TD Asset Management Inc grew its stake in Frontline by 6.3% during the 3rd quarter. TD Asset Management Inc now owns 18,163 shares of the shipping company’s stock valued at $415,000 after acquiring an additional 1,084 shares in the last quarter. Finally, Pictet Asset Management Holding SA grew its stake in Frontline by 4.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 29,331 shares of the shipping company’s stock valued at $647,000 after acquiring an additional 1,203 shares in the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Stock Performance

Frontline stock opened at $37.14 on Monday. The firm has a 50 day simple moving average of $35.49 and a 200-day simple moving average of $29.84. Frontline PLC has a 1-year low of $16.25 and a 1-year high of $39.89. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.43 and a quick ratio of 1.19. The stock has a market cap of $8.27 billion, a price-to-earnings ratio of 21.85 and a beta of 0.04.

Frontline (NYSE:FRO) last posted its quarterly earnings results on Friday, May 22nd. The shipping company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.44 by $0.07. Frontline had a net margin of 19.31% and a return on equity of 16.51%. The business had revenue of $714.24 million during the quarter, compared to analysts’ expectations of $579.59 million. During the same quarter in the prior year, the company posted $0.18 EPS. The business’s revenue for the quarter was up 66.9% on a year-over-year basis.

Frontline Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th will be paid a $1.55 dividend. This is a positive change from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Friday, June 12th. This represents a $6.20 annualized dividend and a dividend yield of 16.7%. Frontline’s dividend payout ratio is currently 242.35%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. BTIG Research upped their price objective on shares of Frontline from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Piper Sandler cut shares of Frontline to a “neutral” rating in a research note on Friday, February 27th. Dnb Carnegie cut shares of Frontline from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. Evercore cut shares of Frontline from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 21st. Finally, Weiss Ratings raised shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $39.00.

About Frontline

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.