Frontline (NYSE:FRO) Upgraded at Zacks Investment Research

Frontline (NYSE:FROGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, reports. The firm presently has a $11.00 price target on the shipping company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 4.76% from the stock’s previous close.

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. “

A number of other brokerages have also weighed in on FRO. HC Wainwright boosted their price objective on Frontline from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Wednesday. Jefferies Financial Group initiated coverage on Frontline in a research report on Wednesday, April 27th. They set a “hold” rating on the stock. Finally, initiated coverage on Frontline in a research report on Thursday, March 31st. They set a “sell” rating on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Frontline presently has an average rating of “Hold” and a consensus target price of $9.93.

Shares of Frontline stock traded up $0.91 during trading on Wednesday, reaching $10.50. 5,216,813 shares of the company’s stock were exchanged, compared to its average volume of 2,572,901. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.86 and a current ratio of 1.14. Frontline has a 1-year low of $6.10 and a 1-year high of $10.50. The company has a market cap of $2.14 billion, a P/E ratio of -210.00 and a beta of 0.10. The firm’s 50-day moving average price is $8.75 and its 200 day moving average price is $7.96.

Frontline (NYSE:FROGet Rating) last posted its quarterly earnings results on Tuesday, May 24th. The shipping company reported ($0.01) EPS for the quarter, hitting analysts’ consensus estimates of ($0.01). Frontline had a negative return on equity of 3.40% and a negative net margin of 1.49%. During the same quarter in the previous year, the company posted $0.04 earnings per share. As a group, equities research analysts predict that Frontline will post 0.72 EPS for the current year.

Several institutional investors have recently modified their holdings of the company. Folketrygdfondet raised its stake in shares of Frontline by 10.3% in the fourth quarter. Folketrygdfondet now owns 11,499,940 shares of the shipping company’s stock worth $81,305,000 after purchasing an additional 1,070,050 shares during the last quarter. Vanguard Group Inc. grew its holdings in Frontline by 7.0% during the first quarter. Vanguard Group Inc. now owns 4,457,223 shares of the shipping company’s stock valued at $39,225,000 after purchasing an additional 293,141 shares during the period. State Street Corp grew its holdings in Frontline by 8.1% during the first quarter. State Street Corp now owns 1,823,098 shares of the shipping company’s stock valued at $16,043,000 after purchasing an additional 136,879 shares during the period. Goldman Sachs Group Inc. grew its holdings in Frontline by 65.6% during the first quarter. Goldman Sachs Group Inc. now owns 974,679 shares of the shipping company’s stock valued at $8,577,000 after purchasing an additional 386,168 shares during the period. Finally, Cooper Creek Partners Management LLC bought a new position in Frontline during the fourth quarter valued at $4,626,000. 20.33% of the stock is owned by hedge funds and other institutional investors.

Frontline Company Profile (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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