Zacks Investment Research upgraded shares of Frontline (NYSE:FRO) from a sell rating to a hold rating in a research report released on Monday morning.
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 objective on shares of Frontline and gave the company a buy rating in a research note on Thursday, January 4th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The company has an average rating of Hold and an average price target of $5.67.
Frontline (NYSE FRO) opened at $4.08 on Monday. Frontline has a 12 month low of $3.79 and a 12 month high of $7.22. The firm has a market cap of $680.91, a price-to-earnings ratio of 25.06 and a beta of 1.80. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 1.22.
Frontline (NYSE:FRO) last released its quarterly earnings data on Wednesday, November 22nd. The shipping company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). Frontline had a net margin of 0.29% and a return on equity of 1.70%. The business had revenue of $75.86 million during the quarter, compared to the consensus estimate of $78.30 million. equities research analysts anticipate that Frontline will post -0.15 EPS for the current fiscal year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. PEAK6 Investments L.P. bought a new position in shares of Frontline during the fourth quarter valued at about $110,000. Voya Investment Management LLC lifted its position in shares of Frontline by 24.4% during the second quarter. Voya Investment Management LLC now owns 32,821 shares of the shipping company’s stock valued at $188,000 after purchasing an additional 6,432 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Frontline by 110.6% during the third quarter. Legal & General Group Plc now owns 33,815 shares of the shipping company’s stock valued at $204,000 after purchasing an additional 17,759 shares in the last quarter. Engineers Gate Manager LP lifted its position in shares of Frontline by 243.2% during the third quarter. Engineers Gate Manager LP now owns 36,664 shares of the shipping company’s stock valued at $221,000 after purchasing an additional 25,981 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Frontline during the third quarter valued at about $244,000. 12.62% of the stock is currently owned by institutional investors.
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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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