Frontline (NYSE:FRO) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Frontline (NYSE:FROGet Rating) from a buy rating to a hold rating in a report published on Wednesday, Zacks.com reports.

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. “

FRO has been the topic of several other research reports. HC Wainwright upped their price objective on Frontline from $8.00 to $9.00 and gave the stock a neutral rating in a report on Friday, April 8th. StockNews.com assumed coverage on Frontline in a research note on Thursday, March 31st. They issued a sell rating on the stock. Finally, Jefferies Financial Group assumed coverage on Frontline in a research note on Wednesday, April 27th. They issued a hold rating on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $9.24.

NYSE FRO opened at $8.79 on Wednesday. The stock’s 50 day simple moving average is $8.87 and its 200 day simple moving average is $8.02. Frontline has a one year low of $6.10 and a one year high of $10.43. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.14 and a quick ratio of 0.86. The firm has a market cap of $1.79 billion, a PE ratio of -175.80 and a beta of 0.10.

Frontline (NYSE:FROGet Rating) last posted its quarterly earnings data on Thursday, February 17th. The shipping company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.04). Frontline had a negative return on equity of 3.40% and a negative net margin of 1.49%. The firm had revenue of $213.50 million for the quarter, compared to analyst estimates of $108.70 million. During the same period in the prior year, the company posted ($0.10) EPS. The firm’s quarterly revenue was up 112.2% compared to the same quarter last year. As a group, equities analysts expect that Frontline will post 0.72 earnings per share for the current year.

Institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. raised its stake in Frontline by 81.3% during the 3rd quarter. Goldman Sachs Group Inc. now owns 801,602 shares of the shipping company’s stock worth $7,511,000 after buying an additional 359,494 shares during the period. Corient Capital Partners LLC raised its stake in Frontline by 10.8% during the 3rd quarter. Corient Capital Partners LLC now owns 85,291 shares of the shipping company’s stock worth $799,000 after buying an additional 8,299 shares during the period. State Board of Administration of Florida Retirement System increased its holdings in Frontline by 669.8% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 283,035 shares of the shipping company’s stock worth $2,652,000 after purchasing an additional 246,267 shares in the last quarter. GSA Capital Partners LLP bought a new position in Frontline during the 3rd quarter worth about $1,445,000. Finally, Oppenheimer & Co. Inc. bought a new position in Frontline during the 3rd quarter worth about $135,000. 20.33% of the stock is currently owned by institutional investors and hedge funds.

About Frontline (Get Rating)

Frontline Ltd., 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, 2021, 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 Hamilton, Bermuda.

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