Skandinaviska Enskilda Banken AB publ Has $1.35 Million Position in Frontline PLC $FRO

Skandinaviska Enskilda Banken AB publ cut its holdings in Frontline PLC (NYSE:FRO) by 76.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 59,360 shares of the shipping company’s stock after selling 187,595 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Frontline were worth $1,353,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Personalized Indexing Management LLC grew its holdings in Frontline by 2.9% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 14,717 shares of the shipping company’s stock worth $335,000 after acquiring an additional 418 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its position in shares of Frontline by 17.5% during the second quarter. Steward Partners Investment Advisory LLC now owns 9,730 shares of the shipping company’s stock worth $160,000 after purchasing an additional 1,447 shares in the last quarter. Financial Gravity Companies Inc. acquired a new position in shares of Frontline during the second quarter worth approximately $25,000. SBI Securities Co. Ltd. grew its stake in shares of Frontline by 9.3% during the second quarter. SBI Securities Co. Ltd. now owns 21,425 shares of the shipping company’s stock valued at $352,000 after purchasing an additional 1,825 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in shares of Frontline by 20.8% in the third quarter. Farther Finance Advisors LLC now owns 15,262 shares of the shipping company’s stock valued at $348,000 after purchasing an additional 2,630 shares in the last quarter. 22.70% of the stock is owned by institutional investors.

Frontline Stock Up 2.7%

NYSE:FRO opened at $34.73 on Friday. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.27. Frontline PLC has a 12-month low of $12.40 and a 12-month high of $34.75. The stock’s fifty day simple moving average is $25.95 and its 200-day simple moving average is $23.83. The firm has a market capitalization of $7.73 billion, a P/E ratio of 35.43 and a beta of 0.07.

Frontline (NYSE:FRO) last released its quarterly earnings data on Friday, November 21st. The shipping company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.04). Frontline had a net margin of 12.23% and a return on equity of 8.89%. The company had revenue of $257.04 million during the quarter, compared to the consensus estimate of $265.23 million. During the same quarter in the prior year, the company posted $0.34 EPS. Equities research analysts expect that Frontline PLC will post 1.78 earnings per share for the current year.

Analyst Ratings Changes

FRO has been the topic of several research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Frontline in a report on Monday, December 29th. BTIG Research boosted their target price on Frontline from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, February 4th. Jefferies Financial Group raised their price target on Frontline from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, November 21st. Clarkson Capital upgraded Frontline from a “neutral” rating to a “buy” rating in a research report on Monday, January 12th. Finally, Evercore upped their target price on shares of Frontline from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, October 28th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.87.

About Frontline

Frontline Ltd. (NYSE:FRO) is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company’s core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline’s fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.