Zacks Investment Research upgraded shares of Frontline (NYSE:FRO) from a sell rating to a hold rating in a report published on Monday, February 12th.
According to Zacks, “FRONTLINE LTD’s business strategy is primarily based upon the following principles: emphasising operational safety and quality maintenance for all of its vessels; complying with all current and proposed environmental regulations; outsourcing technical operations and crewing; achieving low operational costs of vessels; achieving high utilisation of its vessels; competitive financing arrangements; and develop relationship to main charterers. “
Separately, Seaport Global Securities set a $7.00 price target on shares of Frontline and gave the stock a buy rating in a research report on Thursday, January 4th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. Frontline has a consensus rating of Hold and an average target price of $5.67.
Shares of Frontline (NYSE:FRO) opened at $3.99 on Monday. The firm has a market cap of $677.51, a price-to-earnings ratio of 133.04 and a beta of 1.80. Frontline has a twelve month low of $3.79 and a twelve month high of $7.22. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 1.22.
Frontline (NYSE:FRO) last issued its earnings results on Wednesday, November 22nd. The shipping company reported ($0.14) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.13) by ($0.01). The business had revenue of $75.86 million for the quarter, compared to analyst estimates of $78.30 million. Frontline had a return on equity of 1.70% and a net margin of 0.29%. sell-side analysts anticipate that Frontline will post -0.15 EPS for the current fiscal year.
Institutional investors and hedge funds have recently made changes to their positions in the stock. PEAK6 Investments L.P. bought a new position in Frontline in the 4th quarter valued at about $110,000. Voya Investment Management LLC lifted its holdings in Frontline by 24.4% in the 2nd quarter. Voya Investment Management LLC now owns 32,821 shares of the shipping company’s stock valued at $188,000 after acquiring an additional 6,432 shares during the last quarter. Legal & General Group Plc lifted its holdings in Frontline by 110.6% in the 3rd quarter. Legal & General Group Plc now owns 33,815 shares of the shipping company’s stock valued at $204,000 after acquiring an additional 17,759 shares during the last quarter. Engineers Gate Manager LP lifted its holdings in Frontline by 243.2% in the 3rd quarter. Engineers Gate Manager LP now owns 36,664 shares of the shipping company’s stock valued at $221,000 after acquiring an additional 25,981 shares during the last quarter. Finally, Virtu Financial LLC lifted its holdings in Frontline by 299.3% in the 4th quarter. Virtu Financial LLC now owns 50,969 shares of the shipping company’s stock valued at $234,000 after acquiring an additional 38,205 shares during the last quarter. Hedge funds and other institutional investors own 14.02% of the company’s stock.
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Frontline Company Profile
Frontline Ltd. is a shipping company. The Company is engaged in the seaborne transportation of crude oil and oil products. Its tankers segment includes crude oil tankers and product tankers. As of December 31, 2016, the Company’s fleet consisted of 28 vessels owned by the Company (seven very large crude carriers (VLCCs), 10 Suezmax tankers and 11 Aframax/LR2 tankers); 13 vessels that are under capital leases (11 VLCCs and two Suezmax tankers); one VLCC that is recorded as an investment in finance lease; four vessels chartered-in for periods of 12 months, including extension options (two VLCCs and two Suezmax tankers); two VLCCs where cost/revenue is split equally with a third party (of which one is chartered-in by it and one by a third party); three medium range product tankers that are chartered-in on short term time charters with a remaining duration of less than two months, and five vessels that are under commercial management (two Suezmax tankers and three Aframax oil tankers).
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