Zacks Investment Research upgraded shares of Frontline (NYSE:FRO) from a sell rating to a hold rating in a report published on Friday.
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. “
Several other equities analysts also recently commented on the company. DNB Markets upgraded Frontline from a hold rating to a buy rating in a research report on Tuesday, March 6th. Seaport Global Securities set a $7.00 price objective on Frontline and gave the company a buy rating in a research report on Thursday, January 4th. Finally, ValuEngine downgraded Frontline from a sell rating to a strong sell rating in a research report on Thursday, March 1st. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $5.67.
NYSE:FRO opened at $4.31 on Friday. Frontline has a 52-week low of $3.79 and a 52-week high of $6.95. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.45 and a quick ratio of 1.17. The stock has a market cap of $728.46, a price-to-earnings ratio of -143.67 and a beta of 1.67.
Frontline (NYSE:FRO) last released its quarterly earnings results on Wednesday, February 28th. The shipping company reported $0.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.11. Frontline had a negative return on equity of 0.31% and a negative net margin of 40.98%. The business had revenue of $99.20 million during the quarter, compared to analyst estimates of $88.40 million. equities research analysts predict that Frontline will post -0.34 EPS for the current year.
Several institutional investors have recently made changes to their positions in FRO. Legal & General Group Plc lifted its position in shares of Frontline by 110.6% in the third quarter. Legal & General Group Plc now owns 33,815 shares of the shipping company’s stock valued at $204,000 after acquiring an additional 17,759 shares in the last quarter. Engineers Gate Manager LP lifted its position in shares of Frontline by 243.2% in the third quarter. Engineers Gate Manager LP now owns 36,664 shares of the shipping company’s stock valued at $221,000 after acquiring an additional 25,981 shares in the last quarter. Jane Street Group LLC lifted its position in shares of Frontline by 218.0% in the third quarter. Jane Street Group LLC now owns 398,059 shares of the shipping company’s stock valued at $2,435,000 after acquiring an additional 272,875 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Frontline in the third quarter valued at about $244,000. Finally, Evermore Global Advisors LLC lifted its position in shares of Frontline by 4.1% in the fourth quarter. Evermore Global Advisors LLC now owns 5,246,017 shares of the shipping company’s stock valued at $24,079,000 after acquiring an additional 208,503 shares in the last quarter. Institutional investors and hedge funds own 14.41% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: This report was originally reported by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are viewing this report on another domain, it was copied illegally and republished in violation of US & international trademark and copyright laws. The legal version of this report can be accessed at https://www.dispatchtribunal.com/2018/04/10/frontline-fro-upgraded-by-zacks-investment-research-to-hold.html.
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).
Get a free copy of the Zacks research report on Frontline (FRO)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Frontline Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Frontline and related companies with MarketBeat.com's FREE daily email newsletter.