Two Sigma Advisers LP Reduces Stake in Frontline plc (NYSE:FRO)

Two Sigma Advisers LP lowered its holdings in Frontline plc (NYSE:FRO) by 16.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 1,339,200 shares of the shipping company’s stock after selling 262,700 shares during the quarter. Two Sigma Advisers LP’s holdings in Frontline were worth $30,601,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FRO. Cetera Advisors LLC increased its position in Frontline by 40.1% during the 1st quarter. Cetera Advisors LLC now owns 14,634 shares of the shipping company’s stock valued at $342,000 after purchasing an additional 4,187 shares during the period. Blue Trust Inc. increased its position in shares of Frontline by 17,866.7% during the second quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock valued at $56,000 after buying an additional 2,144 shares during the period. Paradiem LLC increased its position in shares of Frontline by 2.1% during the second quarter. Paradiem LLC now owns 366,373 shares of the shipping company’s stock valued at $9,438,000 after buying an additional 7,685 shares during the period. Summit Global Investments purchased a new stake in Frontline in the second quarter worth about $1,995,000. Finally, Summit Securities Group LLC boosted its position in Frontline by 75.0% during the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after acquiring an additional 600 shares in the last quarter. Institutional investors own 22.70% of the company’s stock.

Frontline Price Performance

Frontline stock opened at $15.29 on Friday. Frontline plc has a 12 month low of $15.10 and a 12 month high of $29.39. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.38. The business’s fifty day simple moving average is $20.27 and its two-hundred day simple moving average is $23.02.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.05). Frontline had a return on equity of 19.25% and a net margin of 25.64%. During the same quarter in the prior year, the firm posted $0.36 earnings per share. Equities analysts expect that Frontline plc will post 1.83 earnings per share for the current year.

Frontline Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 8.89%. The ex-dividend date is Wednesday, December 11th. Frontline’s dividend payout ratio is currently 101.22%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FRO. Fearnley Fonds raised Frontline to a “strong-buy” rating in a research report on Friday, September 27th. Jefferies Financial Group reissued a “buy” rating and set a $26.00 price objective on shares of Frontline in a research report on Wednesday, November 27th. BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Monday, October 7th. Finally, StockNews.com upgraded shares of Frontline to a “sell” rating in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.26.

About Frontline

Frontline plc, a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.