Fearnley Fonds Upgrades Frontline (NYSE:FRO) to “Strong-Buy”

Frontline (NYSE:FRO) was upgraded by investment analysts at Fearnley Fonds to a “strong-buy” rating in a research note issued on Friday, Zacks.com reports.

FRO has been the topic of several other research reports. StockNews.com raised shares of Frontline to a “sell” rating in a research note on Thursday, September 5th. Jefferies Financial Group reiterated a “buy” rating and issued a $30.00 price objective on shares of Frontline in a report on Friday, August 30th. Finally, Evercore ISI cut their price target on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.58.

Frontline Trading Up 0.1 %

FRO stock opened at $22.85 on Friday. Frontline has a fifty-two week low of $17.02 and a fifty-two week high of $29.39. The stock has a market capitalization of $5.09 billion, a price-to-earnings ratio of 7.99 and a beta of 0.04. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.38 and a quick ratio of 1.38. The business has a fifty day moving average price of $23.39 and a 200 day moving average price of $24.43.

Frontline (NYSE:FRO) last announced its earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). Frontline had a return on equity of 19.73% and a net margin of 29.42%. The company had revenue of $409.72 million during the quarter, compared to the consensus estimate of $383.88 million. During the same period in the prior year, the firm posted $0.94 earnings per share. Analysts expect that Frontline will post 2.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of FRO. Vanguard Group Inc. boosted its stake in Frontline by 5,319.5% in the 1st quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company’s stock worth $123,750,000 after purchasing an additional 5,195,312 shares during the period. Hsbc Holdings PLC raised its position in Frontline by 7.7% in the 2nd quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company’s stock valued at $50,683,000 after buying an additional 138,011 shares during the last quarter. Forest Avenue Capital Management LP raised its holdings in shares of Frontline by 12.7% in the second quarter. Forest Avenue Capital Management LP now owns 1,429,909 shares of the shipping company’s stock valued at $36,834,000 after purchasing an additional 161,518 shares during the last quarter. M&G Plc bought a new stake in shares of Frontline in the first quarter worth $25,074,000. Finally, Edge Capital Group LLC boosted its holdings in Frontline by 31.8% during the second quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company’s stock worth $10,641,000 after purchasing an additional 99,765 shares during the last quarter. Institutional investors 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.