Frontline (NYSE:FRO) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Frontline (NYSE:FRO) from a sell rating to a hold rating in a research report 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 target price on shares of Frontline and gave the stock a buy rating in a research note on Thursday, January 4th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. Frontline presently has an average rating of Hold and a consensus target price of $5.67.

Frontline (FRO) traded up $0.06 during trading hours on Monday, hitting $4.13. The stock had a trading volume of 140,208 shares, compared to its average volume of 670,082. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.47 and a quick ratio of 1.47. Frontline has a 52-week low of $3.79 and a 52-week high of $7.22. The firm has a market cap of $5,430.00, a PE ratio of 27.17 and a beta of 1.81.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Wednesday, November 22nd. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by ($0.01). Frontline had a return on equity of 1.70% and a net margin of 0.29%. The firm had revenue of $75.86 million during the quarter, compared to analyst estimates of $78.30 million. equities research analysts expect that Frontline will post -0.15 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in Frontline by 7.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 257,954 shares of the shipping company’s stock valued at $1,479,000 after purchasing an additional 18,354 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Frontline by 117.8% in the second quarter. Wells Fargo & Company MN now owns 143,363 shares of the shipping company’s stock worth $822,000 after acquiring an additional 77,539 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Frontline by 48.8% in the second quarter. Alliancebernstein L.P. now owns 100,600 shares of the shipping company’s stock worth $576,000 after acquiring an additional 33,000 shares in the last quarter. Teachers Advisors LLC grew its stake in shares of Frontline by 18.2% in the second quarter. Teachers Advisors LLC now owns 135,816 shares of the shipping company’s stock worth $778,000 after acquiring an additional 20,935 shares in the last quarter. Finally, TIAA CREF Investment Management LLC grew its stake in shares of Frontline by 12.0% in the second quarter. TIAA CREF Investment Management LLC now owns 202,366 shares of the shipping company’s stock worth $1,160,000 after acquiring an additional 21,700 shares in the last quarter. 14.02% of the stock is currently owned by hedge funds and other institutional investors.

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About Frontline

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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