Discovery Capital Management LLC CT Buys New Shares in Frontline plc (NYSE:FRO)

Discovery Capital Management LLC CT purchased a new position in Frontline plc (NYSE:FRO) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 250,000 shares of the shipping company’s stock, valued at approximately $3,548,000. Discovery Capital Management LLC CT owned 0.11% of Frontline at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. National Bank of Canada FI boosted its position in shares of Frontline by 331.8% during the 4th quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company’s stock worth $87,000 after purchasing an additional 4,738 shares in the last quarter. Summit Financial LLC bought a new position in Frontline in the fourth quarter worth approximately $2,060,000. Hartree Partners LP boosted its holdings in Frontline by 482.6% in the fourth quarter. Hartree Partners LP now owns 1,061,000 shares of the shipping company’s stock worth $15,047,000 after acquiring an additional 878,885 shares in the last quarter. Pictet Asset Management Holding SA grew its stake in Frontline by 13.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 19,900 shares of the shipping company’s stock valued at $274,000 after acquiring an additional 2,313 shares during the period. Finally, X Square Capital LLC bought a new stake in shares of Frontline during the fourth quarter valued at approximately $1,260,000. 22.70% of the stock is owned by institutional investors.

Frontline Stock Down 0.7 %

FRO stock opened at $14.87 on Tuesday. The stock has a market cap of $3.31 billion, a P/E ratio of 6.07 and a beta of -0.04. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The stock’s fifty day simple moving average is $16.54 and its two-hundred day simple moving average is $18.03. Frontline plc has a 1-year low of $13.17 and a 1-year high of $29.39.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share 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 the consensus estimate of $273.16 million. During the same period in the previous year, the firm earned $0.46 EPS. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. Analysts expect that Frontline plc will post 1.78 EPS for the current year.

Frontline Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders 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 was Friday, March 14th. Frontline’s dividend payout ratio (DPR) is 36.04%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Kepler Capital Markets lowered shares of Frontline from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 27th. Jefferies Financial Group reduced their price objective on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Two investment analysts have rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.46.

Frontline 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.