Frontline (FRO) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Frontline (NYSE:FRO) from a hold rating to a buy rating in a report released on Tuesday morning. The firm currently has $6.75 target price on the shipping company’s stock.
According to Zacks, “FRONTLINE LTD’s business strategy is primarily based upon the following principles: emphasising operational safety and quality maintenance for all of its vessels; complying with all current and proposed environmental regulations; outsourcing technical operations and crewing; achieving low operational costs of vessels; achieving high utilisation of its vessels; competitive financing arrangements; and develop relationship to main charterers. “
Several other equities analysts also recently weighed in on FRO. BTIG Research initiated coverage on shares of Frontline in a report on Thursday, September 27th. They issued a neutral rating on the stock. Jefferies Financial Group initiated coverage on shares of Frontline in a report on Monday, October 1st. They issued a hold rating and a $6.00 price target on the stock. ValuEngine upgraded shares of Frontline from a sell rating to a hold rating in a report on Tuesday, October 2nd. Danske upgraded shares of Frontline from a sell rating to a buy rating in a report on Thursday, November 15th. Finally, Morgan Stanley increased their price target on shares of Frontline from $5.00 to $6.00 and gave the stock a hold rating in a report on Monday, November 19th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Frontline has an average rating of Hold and an average target price of $6.43.
Frontline (NYSE:FRO) last posted its quarterly earnings data on Friday, November 16th. The shipping company reported ($0.05) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.13) by $0.08. Frontline had a negative net margin of 40.17% and a negative return on equity of 3.87%. The firm had revenue of $89.21 million for the quarter, compared to the consensus estimate of $79.90 million. During the same quarter in the prior year, the company posted ($0.08) earnings per share. On average, research analysts anticipate that Frontline will post -0.2 EPS for the current fiscal year.
A number of large investors have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its position in Frontline by 34.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,559,601 shares of the shipping company’s stock worth $9,101,000 after purchasing an additional 397,101 shares in the last quarter. GSA Capital Partners LLP boosted its position in Frontline by 80.9% in the 3rd quarter. GSA Capital Partners LLP now owns 150,513 shares of the shipping company’s stock worth $874,000 after purchasing an additional 67,313 shares in the last quarter. Marshall Wace LLP boosted its position in Frontline by 589.8% in the 2nd quarter. Marshall Wace LLP now owns 774,406 shares of the shipping company’s stock worth $4,510,000 after purchasing an additional 662,138 shares in the last quarter. Evermore Global Advisors LLC boosted its position in Frontline by 3.3% in the 3rd quarter. Evermore Global Advisors LLC now owns 5,687,632 shares of the shipping company’s stock worth $33,045,000 after purchasing an additional 181,826 shares in the last quarter. Finally, Northern Trust Corp boosted its position in Frontline by 3.7% in the 2nd quarter. Northern Trust Corp now owns 2,441,655 shares of the shipping company’s stock worth $14,260,000 after purchasing an additional 86,696 shares in the last quarter. Institutional investors own 16.21% of the company’s stock.
Frontline Ltd., a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. As of December 31, 2017, the company's fleet consisted of 61 vessels, including VLCC, Suezmax, and LR2/Aframax tankers with an aggregate capacity of approximately 11.6 million deadweight ton.
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