Frontline's (FRO) "Buy" Rating Reiterated at Jefferies Financial Group

Key Points

• Jefferies Financial Group has reaffirmed a "buy" rating for Frontline (NYSE:FRO) with a target price of $25.00, indicating a potential upside of 20.52% from the stock's previous close.
• Separately, Wall Street Zen downgraded Frontline's rating from "hold" to "sell", resulting in a current consensus rating of "Moderate Buy" among analysts.
• Frontline reported quarterly earnings of $0.36 per share, missing expectations, with revenue of $282.95 million, marking a 34.2% year-over-year increase despite missing consensus estimates.

Frontline (NYSE:FRO - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at Jefferies Financial Group in a research note issued on Friday,Benzinga reports. They currently have a $25.00 target price on the shipping company's stock. Jefferies Financial Group's price objective would suggest a potential upside of 20.52% from the company's previous close.

Separately, Wall Street Zen downgraded shares of Frontline from a "hold" rating to a "sell" rating in a research note on Sunday, July 6th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Frontline currently has a consensus rating of "Moderate Buy" and an average target price of $21.87.

Frontline Stock Up 1.1%

Shares of NYSE:FRO opened at $20.74 on Friday. The firm has a fifty day moving average price of $18.68 and a two-hundred day moving average price of $17.32. The company has a market cap of $4.62 billion, a price-to-earnings ratio of 13.30 and a beta of 0.22. 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 one year low of $12.40 and a one year high of $25.68.

Frontline (NYSE:FRO - Get Free Report) last posted its quarterly earnings data on Friday, August 29th. The shipping company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.06). Frontline had a return on equity of 12.67% and a net margin of 17.67%.The company had revenue of $282.95 million during the quarter, compared to the consensus estimate of $328.71 million. During the same quarter last year, the company posted $0.62 earnings per share. The firm's revenue for the quarter was up 34.2% on a year-over-year basis. Analysts anticipate that Frontline will post 1.78 EPS for the current fiscal year.

Hedge Funds Weigh In On Frontline

Hedge funds and other institutional investors have recently modified their holdings of the stock. Financial Gravity Companies Inc. bought a new stake in shares of Frontline during the 2nd quarter valued at $25,000. SVB Wealth LLC bought a new stake in Frontline during the first quarter worth about $32,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Frontline in the second quarter worth about $33,000. Bayforest Capital Ltd purchased a new position in shares of Frontline during the first quarter valued at approximately $34,000. Finally, Signaturefd LLC lifted its holdings in shares of Frontline by 59.3% during the first quarter. Signaturefd LLC now owns 2,657 shares of the shipping company's stock valued at $39,000 after purchasing an additional 989 shares during the last quarter. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.