Frontline (NYSE:FRO) Upgraded at StockNews.com

StockNews.com upgraded shares of Frontline (NYSE:FRO) to a sell rating in a research report report published on Tuesday.

A number of other brokerages also recently issued reports on FRO. Jefferies Financial Group reissued a buy rating and set a $30.00 price target on shares of Frontline in a research report on Thursday, May 30th. Evercore ISI reduced their price target on Frontline from $33.00 to $32.00 and set an outperform rating on the stock in a research report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Frontline has an average rating of Hold and an average price target of $27.58.

Frontline Price Performance

Shares of NYSE FRO opened at $24.15 on Tuesday. The firm has a market cap of $5.38 billion, a P/E ratio of 8.44 and a beta of 0.03. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 1.59. Frontline has a 1-year low of $15.94 and a 1-year high of $29.39. The business’s 50 day moving average is $24.19 and its 200-day moving average is $24.49.

Frontline (NYSE:FRO) last announced its earnings results on Thursday, May 30th. The shipping company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.24). The firm had revenue of $578.40 million for the quarter, compared to the consensus estimate of $380.73 million. Frontline had a return on equity of 23.14% and a net margin of 32.94%. Frontline’s revenue for the quarter was up 16.3% on a year-over-year basis. During the same quarter last year, the business posted $0.87 EPS. Equities research analysts predict that Frontline will post 3.06 earnings per share for the current year.

Institutional Investors Weigh In On Frontline

Large investors have recently modified their holdings of the business. ICA Group Wealth Management LLC acquired a new stake in shares of Frontline in the 4th quarter valued at $25,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Frontline during the 2nd quarter valued at $31,000. Summit Securities Group LLC boosted its holdings in shares of Frontline by 75.0% during the 2nd quarter. Summit Securities Group LLC now owns 1,400 shares of the shipping company’s stock valued at $36,000 after acquiring an additional 600 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Frontline by 17,866.7% during the 2nd quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock valued at $56,000 after acquiring an additional 2,144 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Frontline by 169.2% during the 4th quarter. Russell Investments Group Ltd. now owns 3,928 shares of the shipping company’s stock valued at $79,000 after acquiring an additional 2,469 shares in the last quarter. Institutional investors and hedge funds own 22.70% of the company’s stock.

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.