Frontline (NYSE:FRO) Upgraded to Strong-Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Frontline (NYSE:FRO) from a hold rating to a strong-buy rating in a research note released on Wednesday, Zacks.com reports. Zacks Investment Research currently has $10.00 target price on the shipping company’s stock.

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. “

Other equities research analysts have also issued reports about the company. Jefferies Financial Group set a $8.00 price target on Frontline and gave the stock a hold rating in a research note on Friday, July 5th. Nordea Equity Research raised Frontline from a sell rating to a buy rating in a research note on Wednesday, August 28th. ValuEngine lowered Frontline from a hold rating to a sell rating in a research note on Thursday, September 5th. Finally, BTIG Research raised Frontline from a neutral rating to a buy rating and set a $12.00 price target for the company in a research note on Thursday, September 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $8.26.

Shares of FRO stock opened at $9.01 on Wednesday. Frontline has a 52-week low of $4.82 and a 52-week high of $9.57. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.23 and a current ratio of 1.23. The firm has a market capitalization of $1.50 billion, a P/E ratio of 22.59, a P/E/G ratio of 3.45 and a beta of 1.04. The stock has a 50 day moving average price of $7.96 and a 200 day moving average price of $7.76.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Tuesday, August 27th. The shipping company reported $0.02 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.02. Frontline had a return on equity of 5.73% and a net margin of 8.21%. The firm had revenue of $102.74 million during the quarter, compared to analyst estimates of $102.98 million. During the same period last year, the company earned ($0.16) EPS. As a group, sell-side analysts forecast that Frontline will post 0.51 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Mackenzie Financial Corp bought a new stake in Frontline during the 2nd quarter valued at $89,000. Susquehanna Fundamental Investments LLC bought a new stake in Frontline during the 2nd quarter valued at $86,000. Jane Street Group LLC raised its position in Frontline by 181.6% during the 2nd quarter. Jane Street Group LLC now owns 308,902 shares of the shipping company’s stock valued at $2,505,000 after purchasing an additional 199,214 shares in the last quarter. D. E. Shaw & Co. Inc. raised its position in Frontline by 420.6% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 554,841 shares of the shipping company’s stock valued at $4,439,000 after purchasing an additional 448,255 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in Frontline during the 2nd quarter valued at $98,000. 20.68% of the stock is owned by institutional investors and hedge funds.

Frontline Company Profile

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, 2018, the company's fleet consisted of 61 vessels, which included very large crude carrier, Suezmax, and LR2/Aframax tankers with an aggregate capacity of approximately 11.6 million deadweight ton.

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