WIT Partners Advisory Pte. Ltd. Buys Shares of 149,560 Frontline PLC $FRO

WIT Partners Advisory Pte. Ltd. purchased a new position in Frontline PLC (NYSE:FRO) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 149,560 shares of the shipping company’s stock, valued at approximately $5,214,000. Frontline comprises about 1.5% of WIT Partners Advisory Pte. Ltd.’s holdings, making the stock its 6th biggest position.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Y Intercept Hong Kong Ltd acquired a new stake in Frontline during the first quarter worth about $1,151,000. UBS Group AG boosted its stake in Frontline by 18.2% in the fourth quarter. UBS Group AG now owns 1,411,265 shares of the shipping company’s stock valued at $30,794,000 after acquiring an additional 217,760 shares during the period. Leonteq Securities AG acquired a new position in Frontline in the fourth quarter valued at approximately $362,000. Marnell Management LLC acquired a new stake in shares of Frontline during the 4th quarter worth approximately $2,385,000. Finally, MQS Management LLC bought a new stake in shares of Frontline in the 4th quarter worth approximately $494,000. 22.70% of the stock is owned by institutional investors and hedge funds.

Frontline Stock Down 2.0%

Frontline stock opened at $37.14 on Friday. The stock has a market cap of $8.27 billion, a price-to-earnings ratio of 9.15 and a beta of 0.01. 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 company’s 50-day moving average price is $37.34 and its two-hundred day moving average price is $33.61. Frontline PLC has a 52 week low of $18.04 and a 52 week high of $43.10.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Friday, May 22nd. The shipping company reported $1.55 EPS for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.03). Frontline had a net margin of 36.70% and a return on equity of 27.80%. The company had revenue of $714.24 million for the quarter, compared to analyst estimates of $579.59 million. During the same quarter in the prior year, the business earned $0.18 EPS. Frontline’s revenue was up 66.9% compared to the same quarter last year.

Frontline Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th were given a dividend of $1.55 per share. This is a boost from Frontline’s previous quarterly dividend of $1.03. The ex-dividend date was Friday, June 12th. This represents a $6.20 annualized dividend and a dividend yield of 16.7%. Frontline’s payout ratio is 152.71%.

Wall Street Analyst Weigh In

FRO has been the topic of a number of recent research reports. Evercore cut Frontline from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 21st. Weiss Ratings upgraded shares of Frontline from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, May 22nd. BTIG Research upped their target price on shares of Frontline from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Wall Street Zen upgraded Frontline from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 27th. Finally, Danske cut Frontline to a “hold” rating in a research report on Tuesday, May 26th. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $41.62.

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.