Frontline (NYSE:FRO) Downgraded to Buy Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Frontline from “strong buy” to “buy,” while other analysts issued mixed ratings. The stock has an overall consensus rating of “Hold” and an average price target of $41.62.
• Frontline shares opened at $41.20, near their 52-week high of $43.10, with a market capitalization of approximately $9.17 billion.
• Institutional investors and hedge funds own 22.70% of Frontline; Renaissance Technologies increased its stake by 133.5% during the first quarter.

Frontline (NYSE:FRO - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued to investors on Saturday.

Several other equities research analysts also recently commented on FRO. Pareto Securities downgraded shares of Frontline from a "buy" rating to a "hold" rating and set a $39.46 target price for the company. in a research note on Monday, May 25th. BTIG Research lifted their price target on shares of Frontline from $45.00 to $55.00 and gave the stock a "buy" rating in a research report on Wednesday, June 24th. Danske lowered shares of Frontline to a "hold" rating in a report on Tuesday, May 26th. Evercore lowered shares of Frontline from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 21st. Finally, Weiss Ratings cut shares of Frontline from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday. Four investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $41.62.

Frontline Stock Performance

Shares of NYSE:FRO opened at $41.20 on Friday. The firm's 50 day simple moving average is $38.30 and its 200 day simple moving average is $35.71. Frontline has a fifty-two week low of $18.43 and a fifty-two week high of $43.10. The company has a market capitalization of $9.17 billion, a price-to-earnings ratio of 10.15 and a beta of 0.02. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.03 and a quick ratio of 2.03.

Institutional Trading of Frontline

Several hedge funds have recently bought and sold shares of FRO. Y Intercept Hong Kong Ltd bought a new stake in shares of Frontline during the first quarter worth $1,151,000. Renaissance Technologies LLC raised its holdings in shares of Frontline by 133.5% during the first quarter. Renaissance Technologies LLC now owns 927,838 shares of the shipping company's stock worth $32,344,000 after acquiring an additional 530,500 shares during the period. Sei Investments Co. bought a new stake in Frontline in the 1st quarter valued at $948,000. WIT Partners Advisory Pte. Ltd. bought a new stake in Frontline in the 1st quarter valued at $5,214,000. Finally, Amundi boosted its stake in Frontline by 51.1% in the 1st quarter. Amundi now owns 322,684 shares of the shipping company's stock worth $11,436,000 after purchasing an additional 109,154 shares during the period. 22.70% of the stock is currently 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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