Frontline (NYSE:FRO) Upgraded to “Sell” by StockNews.com

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

Several other brokerages also recently weighed in on FRO. Jefferies Financial Group reiterated a buy rating and issued a $30.00 target price on shares of Frontline in a research note on Thursday, May 30th. Evercore ISI lowered their target price on Frontline from $33.00 to $32.00 and set an outperform rating on the stock in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Frontline presently has a consensus rating of Hold and an average target price of $27.58.

Frontline Price Performance

FRO opened at $23.87 on Tuesday. The stock’s 50-day moving average price is $24.29 and its 200 day moving average price is $24.49. Frontline has a 12-month low of $15.94 and a 12-month high of $29.39. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 1.59. The firm has a market cap of $5.31 billion, a price-to-earnings ratio of 8.35 and a beta of 0.03.

Frontline (NYSE:FRO) last released its quarterly earnings data on Thursday, May 30th. The shipping company reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.24). Frontline had a net margin of 32.94% and a return on equity of 23.14%. The business had revenue of $578.40 million during the quarter, compared to analysts’ expectations of $380.73 million. During the same quarter in the previous year, the company posted $0.87 EPS. The company’s revenue was up 16.3% compared to the same quarter last year. As a group, sell-side analysts expect that Frontline will post 3.06 earnings per share for the current year.

Institutional Trading of Frontline

Several hedge funds have recently modified their holdings of FRO. Ashton Thomas Private Wealth LLC acquired a new position in Frontline during the second quarter worth $31,000. ICA Group Wealth Management LLC acquired a new position in Frontline during the fourth quarter worth $25,000. Summit Securities Group LLC raised 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. Blue Trust Inc. raised its holdings in Frontline by 17,866.7% during the second quarter. Blue Trust Inc. now owns 2,156 shares of the shipping company’s stock worth $56,000 after purchasing an additional 2,144 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. raised its holdings in Frontline by 150.6% during the first quarter. Newbridge Financial Services Group Inc. now owns 3,619 shares of the shipping company’s stock worth $85,000 after purchasing an additional 2,175 shares during the last quarter. 22.70% of the stock is owned by institutional investors and hedge funds.

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.