Frontline (NYSE:FRO) Upgraded at Wall Street Zen

Key Points

• Frontline has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating a more favorable outlook for investors.
• Analysts have varied opinions on Frontline stock, with one analyst assigning a Strong Buy rating, while others have rated it as buy or sell, leading to an average rating of "Moderate Buy" with a price target of $21.87.
• The company reported Q2 earnings of $0.36 per share, missing estimates by $0.06, despite a 34.2% year-over-year increase in revenue, indicating ongoing challenges in meeting market expectations.

Frontline (NYSE:FRO - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Friday.

Several other analysts have also weighed in on FRO. Jefferies Financial Group reissued a "buy" rating and set a $25.00 price objective on shares of Frontline in a report on Friday, August 29th. BTIG Research lifted their price objective on Frontline from $25.00 to $30.00 and gave the stock a "buy" rating in a report on Wednesday, September 17th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $21.87.

Frontline Stock Performance

Shares of FRO stock traded down $0.02 during trading on Friday, reaching $23.08. The company had a trading volume of 1,387,167 shares, compared to its average volume of 2,557,491. The firm's 50 day simple moving average is $20.73 and its two-hundred day simple moving average is $18.22. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.88 and a quick ratio of 1.88. Frontline has a one year low of $12.40 and a one year high of $25.68. The company has a market capitalization of $5.14 billion, a PE ratio of 21.57 and a beta of 0.25.

Frontline (NYSE:FRO - Get Free Report) last released its earnings results on Friday, August 29th. The shipping company reported $0.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.42 by ($0.06). The business had revenue of $282.95 million during the quarter, compared to analyst estimates of $328.71 million. Frontline had a net margin of 12.94% and a return on equity of 10.27%. The business's quarterly revenue was up 34.2% compared to the same quarter last year. During the same period last year, the business earned $0.62 EPS. Sell-side analysts forecast that Frontline will post 1.78 earnings per share for the current year.

Hedge Funds Weigh In On Frontline

Several hedge funds and other institutional investors have recently modified their holdings of FRO. Vanguard Group Inc. raised its position in Frontline by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 5,547,556 shares of the shipping company's stock valued at $81,538,000 after purchasing an additional 54,471 shares during the last quarter. Encompass Capital Advisors LLC bought a new position in Frontline in the 1st quarter valued at $45,026,000. Marshall Wace LLP raised its position in Frontline by 155.1% in the 2nd quarter. Marshall Wace LLP now owns 1,692,537 shares of the shipping company's stock valued at $27,775,000 after purchasing an additional 1,029,034 shares during the last quarter. Balyasny Asset Management L.P. raised its position in Frontline by 28.3% in the 2nd quarter. Balyasny Asset Management L.P. now owns 1,560,908 shares of the shipping company's stock valued at $25,614,000 after purchasing an additional 344,706 shares during the last quarter. Finally, Hartree Partners LP raised its position in shares of 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 last quarter. Institutional investors own 22.70% of the company's stock.

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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