Melqart Asset Management UK Ltd Has $10.25 Million Stake in Frontline plc (NYSE:FRO)

Melqart Asset Management UK Ltd reduced its stake in shares of Frontline plc (NYSE:FRO) by 0.5% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 448,632 shares of the shipping company’s stock after selling 2,217 shares during the quarter. Melqart Asset Management UK Ltd’s holdings in Frontline were worth $10,251,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Private Advisor Group LLC boosted its stake in Frontline by 4.8% during the 3rd quarter. Private Advisor Group LLC now owns 10,625 shares of the shipping company’s stock worth $243,000 after acquiring an additional 490 shares during the last quarter. IHT Wealth Management LLC boosted its position in shares of Frontline by 3.5% during the third quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock worth $359,000 after purchasing an additional 535 shares in the last quarter. Summit Securities Group LLC grew its holdings in shares of Frontline by 75.0% in the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after buying an additional 600 shares during the period. Cozad Asset Management Inc. increased its position in shares of Frontline by 6.4% in the 2nd quarter. Cozad Asset Management Inc. now owns 12,976 shares of the shipping company’s stock valued at $334,000 after buying an additional 785 shares in the last quarter. Finally, TD Asset Management Inc raised its stake in Frontline by 9.7% during the 2nd quarter. TD Asset Management Inc now owns 9,840 shares of the shipping company’s stock worth $258,000 after buying an additional 871 shares during the period. 22.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Frontline Stock Up 8.8 %

Frontline stock opened at $17.09 on Wednesday. The company has a fifty day simple moving average of $20.78 and a 200 day simple moving average of $23.33. The company has a current ratio of 1.43, a quick ratio of 1.38 and a debt-to-equity ratio of 1.44. Frontline plc has a 1-year low of $15.54 and a 1-year high of $29.39. The company has a market cap of $3.80 billion and a P/E ratio of 6.98.

Frontline (NYSE:FRO) last released its 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 net margin of 25.64% and a return on equity of 19.25%. During the same period last year, the company posted $0.36 earnings per share. Research analysts anticipate that Frontline plc will post 1.83 earnings per share for the current fiscal year.

Frontline Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 7.96%. The ex-dividend date of this dividend is Wednesday, December 11th. Frontline’s payout ratio is presently 55.51%.

Frontline Company Profile

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.