Kepler Capital Markets Downgrades Frontline (NYSE:FRO) to Strong Sell

Frontline (NYSE:FRO) was downgraded by investment analysts at Kepler Capital Markets from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Separately, Jefferies Financial Group dropped their target price on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. Two investment analysts have rated the stock with a sell rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.46.

Frontline Trading Up 0.2 %

FRO opened at $14.95 on Thursday. Frontline has a one year low of $13.17 and a one year high of $29.39. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. The business has a 50 day simple moving average of $16.59 and a two-hundred day simple moving average of $18.14. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 6.10 and a beta of -0.04.

Frontline (NYSE:FRO) last posted its earnings results on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.20. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm had revenue of $425.60 million for the quarter, compared to analysts’ expectations of $273.16 million. During the same period in the previous year, the firm earned $0.46 earnings per share. The business’s revenue was up 2.6% compared to the same quarter last year. Analysts predict that Frontline will post 1.78 EPS for the current year.

Institutional Trading of Frontline

A number of hedge funds have recently modified their holdings of FRO. IHT Wealth Management LLC increased its stake in shares of Frontline by 3.5% in the 3rd quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock worth $359,000 after acquiring an additional 535 shares in the last quarter. Swiss National Bank increased its stake in shares of Frontline by 0.6% during the fourth quarter. Swiss National Bank now owns 286,612 shares of the shipping company’s stock valued at $3,953,000 after purchasing an additional 1,845 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in shares of Frontline during the fourth quarter valued at approximately $31,000. Pictet Asset Management Holding SA boosted its position in shares of Frontline by 13.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 19,900 shares of the shipping company’s stock worth $274,000 after purchasing an additional 2,313 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Frontline by 0.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 530,046 shares of the shipping company’s stock worth $7,526,000 after buying an additional 2,576 shares during the last quarter. Institutional investors own 22.70% of the company’s stock.

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.