Frontline (NYSE:FRO) Rating Increased to Sell at StockNews.com

Frontline (NYSE:FRO) was upgraded by equities research analysts at StockNews.com to a “sell” rating in a research note issued to investors on Thursday.

A number of other equities analysts have also commented on FRO. Jefferies Financial Group reissued a “buy” rating and set a $30.00 price target on shares of Frontline in a research note on Friday, August 30th. Evercore ISI lowered their target price on Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Frontline has an average rating of “Hold” and a consensus target price of $27.58.

Frontline Price Performance

Shares of NYSE:FRO opened at $22.23 on Thursday. The firm has a market cap of $4.95 billion, a price-to-earnings ratio of 7.77 and a beta of 0.03. The firm has a fifty day moving average price of $24.02 and a 200 day moving average price of $24.48. Frontline has a fifty-two week low of $15.94 and a fifty-two week high of $29.39. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.75 and a current ratio of 1.75.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Friday, August 30th. The shipping company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.03). The company had revenue of $409.72 million during the quarter, compared to analysts’ expectations of $383.88 million. Frontline had a return on equity of 23.14% and a net margin of 32.94%. During the same quarter in the previous year, the firm earned $0.94 EPS. As a group, sell-side analysts expect that Frontline will post 2.62 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Frontline

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Frontline by 5,319.5% in the first quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company’s stock worth $123,750,000 after buying an additional 5,195,312 shares during the last quarter. M&G Investment Management Ltd. purchased a new position in shares of Frontline during the 4th quarter worth about $27,883,000. M&G Plc bought a new position in Frontline during the 1st quarter valued at about $25,074,000. Forest Avenue Capital Management LP raised its position in Frontline by 115.9% in the 4th quarter. Forest Avenue Capital Management LP now owns 1,057,691 shares of the shipping company’s stock worth $21,207,000 after purchasing an additional 567,900 shares during the period. Finally, Rovida Advisors Inc. bought a new stake in Frontline in the fourth quarter worth about $4,260,000. Hedge funds and other 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.