Frontline (NYSE:FRO) Stock Price Expected to Rise, Jefferies Financial Group Analyst Says

Frontline (NYSE:FRO) had its price target hoisted by investment analysts at Jefferies Financial Group from $28.00 to $30.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the shipping company’s stock. Jefferies Financial Group’s price objective would suggest a potential upside of 15.92% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Frontline from a “sell” rating to a “hold” rating in a report on Friday, September 26th. Weiss Ratings restated a “buy (b-)” rating on shares of Frontline in a research report on Monday, November 17th. BTIG Research upped their price objective on shares of Frontline from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, September 17th. Finally, Evercore ISI raised their target price on Frontline from $22.00 to $26.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.62.

Frontline Stock Up 3.6%

FRO opened at $25.88 on Friday. The business’s 50-day moving average price is $23.72 and its 200-day moving average price is $20.58. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 1.38. Frontline has a 12 month low of $12.40 and a 12 month high of $26.00. The company has a market cap of $5.76 billion, a P/E ratio of 24.19 and a beta of 0.14.

Frontline (NYSE:FRO) last announced its quarterly earnings data on Friday, November 21st. The shipping company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.04). The company had revenue of $257.04 million during the quarter, compared to the consensus estimate of $265.23 million. Frontline had a net margin of 12.94% and a return on equity of 10.27%. During the same quarter in the previous year, the firm posted $0.34 EPS. On average, equities analysts expect that Frontline will post 1.78 EPS for the current year.

Institutional Trading of Frontline

Several large investors have recently bought and sold shares of the company. Envestnet Asset Management Inc. raised its position in shares of Frontline by 21.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 36,502 shares of the shipping company’s stock worth $542,000 after acquiring an additional 6,334 shares in the last quarter. Private Advisor Group LLC grew its stake in Frontline by 10.4% in the first quarter. Private Advisor Group LLC now owns 30,968 shares of the shipping company’s stock worth $460,000 after purchasing an additional 2,915 shares during the period. TD Asset Management Inc lifted its position in Frontline by 47.4% during the first quarter. TD Asset Management Inc now owns 15,544 shares of the shipping company’s stock valued at $227,000 after buying an additional 4,997 shares during the period. Mackenzie Financial Corp purchased a new position in Frontline during the first quarter valued at $229,000. Finally, Bayforest Capital Ltd bought a new stake in shares of Frontline during the 1st quarter valued at $34,000. 22.70% of the stock is owned by institutional investors.

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.