250,000 Shares in Frontline plc (NYSE:FRO) Acquired by Discovery Capital Management LLC CT

Discovery Capital Management LLC CT purchased a new position in Frontline plc (NYSE:FRO) in the fourth quarter, Holdings Channel reports. The institutional investor purchased 250,000 shares of the shipping company’s stock, valued at approximately $3,548,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Frontline by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 5,493,085 shares of the shipping company’s stock worth $75,502,000 after acquiring an additional 51,073 shares during the period. Hartree Partners LP grew its position in shares of Frontline by 482.6% during the 4th quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company’s stock valued at $15,047,000 after purchasing an additional 878,885 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Frontline by 1,326.2% in the third quarter. The Manufacturers Life Insurance Company now owns 527,470 shares of the shipping company’s stock worth $12,053,000 after purchasing an additional 490,486 shares during the period. Swiss National Bank boosted its stake in Frontline by 0.6% during the fourth quarter. Swiss National Bank now owns 286,612 shares of the shipping company’s stock valued at $3,953,000 after buying an additional 1,845 shares during the period. Finally, Rovida Advisors Inc. grew its position in Frontline by 60.0% during the fourth quarter. Rovida Advisors Inc. now owns 160,000 shares of the shipping company’s stock worth $2,272,000 after buying an additional 60,000 shares in the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.

Frontline Stock Down 0.7 %

Shares of NYSE FRO opened at $14.87 on Tuesday. The stock has a market capitalization of $3.31 billion, a P/E ratio of 6.07 and a beta of -0.04. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. Frontline plc has a one year low of $13.17 and a one year high of $29.39. The firm’s 50 day simple moving average is $16.54 and its two-hundred day simple moving average is $18.03.

Frontline (NYSE:FRO) last issued its earnings results on Friday, February 28th. The shipping company reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company had revenue of $425.60 million for the quarter, compared to analysts’ expectations of $273.16 million. During the same quarter last year, the company earned $0.46 EPS. The firm’s revenue was up 2.6% compared to the same quarter last year. As a group, analysts expect that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 5.38%. The ex-dividend date of this dividend was Friday, March 14th. Frontline’s dividend payout ratio is presently 36.04%.

Analyst Ratings Changes

Several brokerages have recently commented on FRO. Jefferies Financial Group cut their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Kepler Capital Markets lowered shares of Frontline from a “hold” rating to a “strong sell” rating in a report on Thursday, March 27th. Two analysts have rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $24.46.

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.