Frontline (NYSE:FRO) Cut to Sell at Wall Street Zen

Frontline (NYSE:FRO - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Sunday.

Several other analysts also recently commented on FRO. Evercore ISI dropped their price objective on shares of Frontline from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Kepler Capital Markets set a $12.49 target price on shares of Frontline in a research note on Thursday, March 27th. Two analysts have rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $20.62.

Frontline Stock Up 2.6%

FRO stock opened at $17.43 on Friday. The firm's fifty day simple moving average is $17.83 and its 200-day simple moving average is $16.56. The company has a market capitalization of $3.88 billion, a P/E ratio of 11.17 and a beta of 0.25. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.82 and a quick ratio of 1.82. Frontline has a 12 month low of $12.40 and a 12 month high of $25.68.

Frontline (NYSE:FRO - Get Free Report) last released its quarterly earnings data on Friday, May 23rd. The shipping company reported $0.18 EPS for the quarter, meeting the consensus estimate of $0.18. The business had revenue of $427.87 million for the quarter, compared to the consensus estimate of $252.26 million. Frontline had a net margin of 17.67% and a return on equity of 12.67%. The business's revenue for the quarter was down 26.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.62 EPS. As a group, equities research analysts forecast that Frontline will post 1.78 earnings per share for the current year.

Hedge Funds Weigh In On Frontline

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Frontline by 1.0% during the first quarter. Vanguard Group Inc. now owns 5,547,556 shares of the shipping company's stock worth $81,538,000 after acquiring an additional 54,471 shares during the period. Encompass Capital Advisors LLC acquired a new position in Frontline during the first quarter worth $45,026,000. Cooper Creek Partners Management LLC acquired a new position in Frontline during the fourth quarter worth $41,447,000. Hartree Partners LP raised its position in Frontline by 38.8% during the first quarter. Hartree Partners LP now owns 1,472,220 shares of the shipping company's stock worth $21,851,000 after acquiring an additional 411,220 shares during the period. Finally, Renaissance Technologies LLC raised its position in Frontline by 27.5% during the fourth quarter. Renaissance Technologies LLC now owns 1,378,037 shares of the shipping company's stock worth $19,554,000 after acquiring an additional 297,437 shares during the period. 22.70% of the stock is currently owned by institutional investors and hedge funds.

About Frontline

Frontline plc, 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, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.

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