BTIG Research Increases Frontline (NYSE:FRO) Price Target to $70.00

Key Points

• BTIG Research raised Frontline’s price target from $55 to $70 and maintained a “buy” rating, implying roughly 29.7% upside from the prior close.
• Frontline reported quarterly revenue of $943.3 million, up 96.5% year over year, though earnings of $2.61 per share fell short of the $2.74 consensus estimate.
• Analyst sentiment remains mixed: Frontline has an overall “hold” consensus rating and an average price target of $45.37, despite several institutional investors increasing their positions.

Frontline (NYSE:FRO - Get Free Report) had its price objective lifted by research analysts at BTIG Research from $55.00 to $70.00 in a research report issued on Friday, Benzinga reports. The firm currently has a "buy" rating on the shipping company's stock. BTIG Research's target price would suggest a potential upside of 29.70% from the company's previous close.

A number of other analysts have also recently commented on FRO. Pareto Securities cut Frontline from a "buy" rating to a "hold" rating and set a $39.46 price target for the company. in a research report on Monday, May 25th. Danske lowered Frontline from a "hold" rating to a "sell" rating in a report on Friday, August 21st. Wall Street Zen upgraded Frontline from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 29th. Nordea Equity Research downgraded Frontline to a "hold" rating in a report on Monday, August 31st. Finally, DZ Bank lowered Frontline from a "hold" rating to a "sell" rating in a research report on Friday, August 21st. Four analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $45.37.

Frontline Trading Up 0.6%

Shares of Frontline stock opened at $53.97 on Friday. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.69. Frontline has a 12-month low of $20.47 and a 12-month high of $54.91. The firm has a market capitalization of $12.02 billion, a price-to-earnings ratio of 8.09 and a beta of 0.05. The firm's 50 day simple moving average is $42.23 and its two-hundred day simple moving average is $38.27.

Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings data on Friday, August 28th. The shipping company reported $2.61 EPS for the quarter, missing the consensus estimate of $2.74 by ($0.13). The company had revenue of $943.30 million for the quarter, compared to analyst estimates of $758.89 million. Frontline had a return on equity of 44.24% and a net margin of 49.47%.The company's quarterly revenue was up 96.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.36 earnings per share.

Hedge Funds Weigh In On Frontline

Institutional investors and hedge funds have recently modified their holdings of the stock. WINTON GROUP Ltd grew its holdings in Frontline by 72.0% during the second quarter. WINTON GROUP Ltd now owns 12,900 shares of the shipping company's stock worth $449,000 after acquiring an additional 5,400 shares during the period. Integrated Wealth Concepts LLC lifted its holdings in Frontline by 13.9% in the second quarter. Integrated Wealth Concepts LLC now owns 22,969 shares of the shipping company's stock valued at $799,000 after acquiring an additional 2,810 shares during the period. NewEdge Advisors LLC lifted its holdings in Frontline by 3.7% in the second quarter. NewEdge Advisors LLC now owns 27,115 shares of the shipping company's stock valued at $943,000 after acquiring an additional 957 shares during the period. Amundi boosted its position in Frontline by 162.6% in the 2nd quarter. Amundi now owns 847,488 shares of the shipping company's stock worth $29,809,000 after purchasing an additional 524,804 shares in the last quarter. Finally, Triumph Capital Management grew its stake in shares of Frontline by 131.0% during the 2nd quarter. Triumph Capital Management now owns 8,931 shares of the shipping company's stock worth $311,000 after purchasing an additional 5,064 shares during the period. Institutional investors and hedge funds own 22.70% of the company's stock.

About Frontline

Frontline plc is a maritime shipping company that owns and operates tankers engaged primarily in the transportation of crude oil and refined petroleum products. Its fleet has included very large crude carriers (VLCCs), Suezmax tankers and long-range product tankers, which transport energy commodities for oil companies, trading firms and other customers worldwide.

The company's vessels operate on international shipping routes, serving major oil-producing, refining and consuming regions.

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