BTIG Research Raises Frontline (NYSE:FRO) Price Target to $55.00

Frontline (NYSE:FRO) had its target price upped by research analysts at BTIG Research from $45.00 to $55.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the shipping company’s stock. BTIG Research’s price objective suggests a potential upside of 28.35% from the company’s previous close.

FRO has been the topic of a number of other research reports. Pareto Securities downgraded Frontline from a “buy” rating to a “hold” rating and set a $39.46 price objective on the stock. in a report on Monday, May 25th. Piper Sandler cut shares of Frontline to a “neutral” rating in a research note on Friday, February 27th. Danske cut shares of Frontline to a “hold” rating in a research note on Tuesday, May 26th. Wall Street Zen upgraded shares of Frontline from a “hold” rating to a “buy” rating in a research note on Saturday, April 4th. Finally, Dnb Carnegie downgraded shares of Frontline from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. Four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Frontline presently has a consensus rating of “Hold” and a consensus price target of $41.62.

Frontline Price Performance

Shares of NYSE:FRO opened at $42.85 on Wednesday. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.83. Frontline has a 1 year low of $16.25 and a 1 year high of $42.89. The business has a fifty day simple moving average of $36.98 and a 200 day simple moving average of $31.85. The firm has a market cap of $9.54 billion, a price-to-earnings ratio of 10.55 and a beta of 0.02.

Frontline (NYSE:FRO) last issued its earnings results on Friday, May 22nd. The shipping company reported $1.55 EPS for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.03). Frontline had a net margin of 36.70% and a return on equity of 27.80%. The firm had revenue of $714.24 million during the quarter, compared to analysts’ expectations of $579.59 million. During the same quarter last year, the firm earned $0.18 EPS. The business’s revenue for the quarter was up 66.9% compared to the same quarter last year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Assetmark Inc. lifted its position in Frontline by 278.6% during the 1st quarter. Assetmark Inc. now owns 973 shares of the shipping company’s stock worth $34,000 after acquiring an additional 716 shares during the last quarter. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Frontline in the fourth quarter valued at about $25,000. Parallel Advisors LLC grew its position in shares of Frontline by 58.9% in the first quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock valued at $46,000 after purchasing an additional 486 shares during the last quarter. NFSG Corp increased its stake in shares of Frontline by 50.0% in the first quarter. NFSG Corp now owns 1,500 shares of the shipping company’s stock worth $52,000 after purchasing an additional 500 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Frontline by 81.8% in the first quarter. EverSource Wealth Advisors LLC now owns 1,689 shares of the shipping company’s stock worth $59,000 after purchasing an additional 760 shares during the period. 22.70% of the stock is currently owned by institutional investors and hedge funds.

Frontline Company Profile

Frontline Ltd. (NYSE:FRO) is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company’s core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline’s fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.