Evercore Downgrades Frontline (NYSE:FRO) to Hold

Key Points

• Evercore downgraded Frontline from "strong-buy" to "hold"; the stock has three Buy and four Hold analyst ratings and a MarketBeat consensus rating of Hold with a consensus price target of $39.00.
• Frontline reported quarterly EPS of $1.03, missing estimates by $0.10, while revenue of $624.5M beat expectations and rose 46.7% year‑over‑year, with a net margin of 19.31% and ROE of 16.51%.
• The shares trade around $34.60 with a market cap of $7.7B and a P/E of 20.35; the 52‑week range is $15.17–$39.89 and the 50/200‑day moving averages are $34.46 and $27.85, respectively.

Frontline (NYSE:FRO - Get Free Report) was downgraded by equities research analysts at Evercore from a "strong-buy" rating to a "hold" rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other equities analysts have also weighed in on the company. Weiss Ratings restated a "hold (c)" rating on shares of Frontline in a report on Friday, March 27th. Piper Sandler lowered Frontline to a "neutral" rating in a report on Friday, February 27th. Clarkson Capital upgraded Frontline from a "neutral" rating to a "buy" rating in a report on Monday, January 12th. Dnb Carnegie lowered Frontline from a "strong-buy" rating to a "hold" rating in a report on Monday, March 2nd. Finally, Wall Street Zen upgraded Frontline from a "hold" rating to a "buy" rating in a report on Saturday, April 4th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $39.00.

Frontline Price Performance

FRO opened at $34.60 on Tuesday. The stock has a market cap of $7.70 billion, a price-to-earnings ratio of 20.35 and a beta of 0.05. Frontline has a 1 year low of $15.17 and a 1 year high of $39.89. The company has a current ratio of 1.43, a quick ratio of 1.19 and a debt-to-equity ratio of 1.09. The stock has a fifty day moving average price of $34.46 and a 200 day moving average price of $27.85.

Frontline (NYSE:FRO - Get Free Report) last released its quarterly earnings data on Saturday, February 28th. The shipping company reported $1.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.13 by ($0.10). The firm had revenue of $624.51 million for the quarter, compared to analyst estimates of $456.90 million. Frontline had a net margin of 19.31% and a return on equity of 16.51%. Frontline's revenue for the quarter was up 46.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.20 EPS.

Institutional Investors Weigh In On Frontline

Institutional investors have recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. acquired a new stake in Frontline during the fourth quarter worth about $25,000. Sunbelt Securities Inc. acquired a new stake in Frontline during the third quarter worth about $41,000. Sound Income Strategies LLC acquired a new stake in Frontline during the fourth quarter worth about $53,000. CIBC Private Wealth Group LLC acquired a new stake in Frontline during the third quarter worth about $80,000. Finally, Triumph Capital Management acquired a new stake in Frontline during the third quarter worth about $97,000. 22.70% of the stock is owned by institutional investors and hedge funds.

About Frontline

Frontline Ltd. NYSE: FRO is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company's core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline's fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.

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