Weiss Ratings Reaffirms "Hold (C+)" Rating for Frontline (NYSE:FRO)

Key Points

• Weiss Ratings has reaffirmed a "Hold (C+)" rating for Frontline (NYSE:FRO), indicating a cautious outlook on the stock as it maintains this status amidst varying analyst opinions.
• Multiple analysts have recently adjusted their ratings on Frontline, including Jefferies Financial Group, which issued a "buy" rating with a $25.00 price target, and BTIG Research, raising their target to $30.00.
• In its latest quarterly earnings report, Frontline reported $0.36 EPS, missing estimates, with a revenue of $282.95 million, reflecting a year-over-year increase of 34.2%.

Frontline (NYSE:FRO - Get Free Report)'s stock had its "hold (c+)" rating reiterated by analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

Several other analysts have also weighed in on FRO. Wall Street Zen raised shares of Frontline from a "sell" rating to a "hold" rating in a report on Friday, September 26th. Jefferies Financial Group reissued a "buy" rating and issued a $25.00 price target on shares of Frontline in a report on Friday, August 29th. Finally, BTIG Research raised their price target on shares of Frontline from $25.00 to $30.00 and gave the company a "buy" rating in a report on Wednesday, September 17th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Frontline presently has a consensus rating of "Hold" and an average price target of $21.87.

Frontline Stock Performance

NYSE FRO opened at $22.26 on Wednesday. The firm has a market cap of $4.96 billion, a price-to-earnings ratio of 20.80 and a beta of 0.20. The company has a 50 day moving average of $21.36 and a 200-day moving average of $18.59. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 1.38. Frontline has a 1-year low of $12.40 and a 1-year high of $24.75.

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). The firm had revenue of $282.95 million for the quarter, compared to analyst estimates of $328.71 million. Frontline had a return on equity of 10.27% and a net margin of 12.94%.The business's quarterly revenue was up 34.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.62 EPS. On average, equities analysts forecast that Frontline will post 1.78 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Frontline

A number of hedge funds and other institutional investors have recently bought and sold shares of FRO. Encompass Capital Advisors LLC bought a new position in Frontline in the first quarter valued at approximately $45,026,000. Marshall Wace LLP boosted its stake in Frontline by 155.1% in the second quarter. Marshall Wace LLP now owns 1,692,537 shares of the shipping company's stock valued at $27,775,000 after acquiring an additional 1,029,034 shares during the last quarter. Corigliano Investment Advisers LLC bought a new position in Frontline in the first quarter valued at approximately $12,002,000. SG Americas Securities LLC boosted its stake in Frontline by 274.3% in the second quarter. SG Americas Securities LLC now owns 877,529 shares of the shipping company's stock valued at $14,400,000 after acquiring an additional 643,100 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Frontline by 761.8% in the first quarter. Bank of New York Mellon Corp now owns 648,836 shares of the shipping company's stock valued at $9,635,000 after acquiring an additional 573,544 shares during the last quarter. 22.70% of the stock is owned by institutional investors.

Frontline Company Profile

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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