Frontline Ltd. (FRO) Posts Quarterly Earnings Results
Frontline Ltd. (NYSE:FRO) announced its quarterly earnings results on Tuesday. The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.05 by $0.06. Frontline had a net margin of 31.41% and a return on equity of 20.67%.
Shares of Frontline (NYSE:FRO) traded down 1.0766% during mid-day trading on Tuesday, reaching $7.3599. 1,186,311 shares of the company were exchanged. Frontline has a 12 month low of $6.80 and a 12 month high of $16.40. The firm has a 50-day moving average price of $7.49 and a 200 day moving average price of $7.81. The stock has a market capitalization of $1.15 billion, a P/E ratio of 4.8198 and a beta of 2.55.
FRO has been the subject of several recent analyst reports. Zacks Investment Research cut shares of Frontline from a “buy” rating to a “hold” rating in a report on Tuesday, August 2nd. Morgan Stanley reiterated an “equal weight” rating and issued a $7.00 price objective (down from $10.00) on shares of Frontline in a report on Friday, August 26th. Finally, Wells Fargo & Co. reiterated a “hold” rating on shares of Frontline in a report on Tuesday, September 27th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $9.88.
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Institutional investors have recently made changes to their positions in the stock. A.R.T. Advisors LLC purchased a new position in shares of Frontline during the first quarter valued at about $872,000. Bank of New York Mellon Corp increased its position in shares of Frontline by 76.1% in the second quarter. Bank of New York Mellon Corp now owns 168,782 shares of the company’s stock valued at $1,328,000 after buying an additional 72,959 shares in the last quarter. Ranger International Management LP purchased a new position in shares of Frontline during the second quarter valued at about $2,505,000. Emerald Acquisition Ltd. purchased a new position in shares of Frontline during the second quarter valued at about $178,000. Finally, California State Teachers Retirement System increased its position in shares of Frontline by 34.8% in the second quarter. California State Teachers Retirement System now owns 136,246 shares of the company’s stock valued at $1,072,000 after buying an additional 35,167 shares in the last quarter. 7.62% of the stock is owned by hedge funds and other institutional investors.
Frontline Company Profile
Frontline Ltd. is a shipping company. The Company is engaged in the seaborne transportation of crude oil and oil products. The Company operates through the tankers segment. The tankers segment includes crude oil tankers and product tankers. The Company operates through subsidiaries and partnerships located in Bermuda, India, the Philippines, Liberia, Norway, the United Kingdom and Singapore.
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