Frontline Ltd (NYSE:FRO) Sees Significant Growth in Short Interest

Frontline Ltd (NYSE:FRO) was the recipient of a large growth in short interest in January. As of January 31st, there was short interest totalling 4,100,000 shares, a growth of 30.6% from the January 15th total of 3,140,000 shares. Based on an average trading volume of 1,330,000 shares, the days-to-cover ratio is currently 3.1 days. Currently, 4.5% of the shares of the stock are short sold.

Several equities analysts have weighed in on the stock. BTIG Research raised their target price on shares of Frontline from $12.00 to $18.00 in a report on Tuesday, November 5th. ValuEngine downgraded shares of Frontline from a “sell” rating to a “strong sell” rating in a report on Thursday, January 23rd. Evercore ISI upgraded shares of Frontline from an “in-line” rating to an “outperform” rating and set a $14.00 target price for the company in a report on Friday, October 18th. Finally, Zacks Investment Research upgraded shares of Frontline from a “sell” rating to a “strong-buy” rating and set a $12.00 target price for the company in a report on Tuesday, January 28th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Frontline currently has an average rating of “Buy” and a consensus target price of $12.00.

Shares of NYSE FRO opened at $8.20 on Friday. The company has a market cap of $1.57 billion, a PE ratio of 24.12 and a beta of 1.21. Frontline has a 12 month low of $5.55 and a 12 month high of $13.33. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.44 and a quick ratio of 1.44. The company has a 50-day simple moving average of $11.07 and a 200-day simple moving average of $10.01.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Wednesday, November 27th. The shipping company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.09). The firm had revenue of $187.64 million for the quarter, compared to analysts’ expectations of $106.40 million. Frontline had a return on equity of 5.56% and a net margin of 6.76%. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.05) earnings per share. On average, analysts anticipate that Frontline will post 0.79 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of FRO. Saturna Capital CORP acquired a new stake in Frontline in the 4th quarter valued at about $874,000. Renaissance Technologies LLC lifted its holdings in Frontline by 3.0% in the 4th quarter. Renaissance Technologies LLC now owns 2,856,605 shares of the shipping company’s stock valued at $36,533,000 after acquiring an additional 82,917 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Frontline by 225.9% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 783,600 shares of the shipping company’s stock valued at $10,077,000 after acquiring an additional 543,125 shares during the last quarter. Raymond James Financial Services Advisors Inc. acquired a new stake in Frontline in the 4th quarter valued at about $272,000. Finally, EAM Global Investors LLC acquired a new stake in Frontline in the 4th quarter valued at about $2,993,000. Institutional investors and hedge funds own 21.19% of the company’s stock.

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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