Edge Capital Group LLC Buys 99,765 Shares of Frontline plc (NYSE:FRO)

Edge Capital Group LLC increased its holdings in shares of Frontline plc (NYSE:FRO - Free Report) by 31.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 413,096 shares of the shipping company's stock after purchasing an additional 99,765 shares during the period. Edge Capital Group LLC owned approximately 0.19% of Frontline worth $10,641,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Summit Securities Group LLC boosted its holdings in Frontline by 75.0% during the second quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company's stock worth $36,000 after purchasing an additional 600 shares during the last quarter. Cozad Asset Management Inc. grew its holdings in Frontline by 6.4% during the second quarter. Cozad Asset Management Inc. now owns 12,976 shares of the shipping company's stock worth $334,000 after purchasing an additional 785 shares during the period. TD Asset Management Inc increased its holdings in shares of 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 acquiring an additional 871 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of Frontline during the 2nd quarter worth approximately $31,000. Finally, ICA Group Wealth Management LLC bought a new stake in Frontline in the 4th quarter valued at $25,000. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on FRO. Evercore ISI decreased their price objective on shares of Frontline from $33.00 to $32.00 and set an "outperform" rating on the stock in a report on Tuesday, July 23rd. StockNews.com raised shares of Frontline to a "sell" rating in a report on Thursday, September 5th. Finally, Jefferies Financial Group restated a "buy" rating and set a $30.00 price objective on shares of Frontline in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, Frontline has an average rating of "Hold" and a consensus price target of $27.58.

Frontline Stock Performance

Shares of FRO stock traded down $1.69 on Friday, hitting $22.25. The company's stock had a trading volume of 3,812,438 shares, compared to its average volume of 1,780,338. Frontline plc has a fifty-two week low of $17.02 and a fifty-two week high of $29.39. The company has a market capitalization of $4.95 billion, a PE ratio of 7.78 and a beta of 0.04. The stock's 50 day moving average is $23.57 and its 200-day moving average is $24.45. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.38 and a current ratio of 1.38.

Frontline (NYSE:FRO - Get Free Report) last announced its earnings results on Friday, August 30th. The shipping company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.03). The business had revenue of $409.72 million for the quarter, compared to the consensus estimate of $383.88 million. Frontline had a return on equity of 19.73% and a net margin of 29.42%. During the same period in the prior year, the business posted $0.94 earnings per share. Equities research analysts expect that Frontline plc will post 2.62 earnings per share for the current fiscal year.

Frontline Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 11.15%. Frontline's dividend payout ratio (DPR) is currently 86.71%.

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.