BTIG Research Forecasts Strong Price Appreciation for Frontline (NYSE:FRO) Stock

Frontline (NYSE:FRO) had its price target hoisted by equities research analysts at BTIG Research from $55.00 to $70.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the shipping company’s stock. BTIG Research’s target price points to a potential upside of 29.70% from the company’s current price.

A number of other brokerages also recently issued reports on FRO. DZ Bank downgraded Frontline from a “hold” rating to a “sell” rating in a research report on Friday, August 21st. Wall Street Zen upgraded Frontline from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 29th. Danske downgraded Frontline from a “hold” rating to a “sell” rating in a research note on Friday, August 21st. Weiss Ratings upgraded Frontline from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, August 28th. Finally, Pareto Securities cut shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target on the stock. in a research note on Monday, May 25th. Four analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Frontline currently has an average rating of “Hold” and a consensus target price of $45.37.

Frontline Trading Up 0.6%

Shares of Frontline stock opened at $53.97 on Friday. The firm has a 50-day simple moving average of $42.23 and a two-hundred day simple moving average of $38.27. The company has a market cap of $12.02 billion, a P/E ratio of 8.09 and a beta of 0.05. Frontline has a fifty-two week low of $20.47 and a fifty-two week high of $54.91. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.87 and a current ratio of 1.87.

Frontline (NYSE:FRO) last posted its earnings results on Friday, August 28th. The shipping company reported $2.61 EPS for the quarter, missing analysts’ consensus estimates of $2.74 by ($0.13). Frontline had a net margin of 49.47% and a return on equity of 44.24%. The business had revenue of $943.30 million for the quarter, compared to analyst estimates of $758.89 million. During the same quarter last year, the business earned $0.36 earnings per share. Frontline’s revenue was up 96.5% on a year-over-year basis.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership grew its holdings in shares of Frontline by 4,659.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 5,783,681 shares of the shipping company’s stock worth $202,080,000 after buying an additional 5,662,172 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Frontline in the second quarter worth about $50,846,000. Renaissance Technologies LLC boosted its position in Frontline by 133.5% during the first quarter. Renaissance Technologies LLC now owns 927,838 shares of the shipping company’s stock worth $32,344,000 after acquiring an additional 530,500 shares during the last quarter. Bank of America Corp DE acquired a new position in Frontline during the second quarter worth about $30,123,000. Finally, Amundi grew its stake in Frontline by 162.6% during the 2nd quarter. Amundi now owns 847,488 shares of the shipping company’s stock valued at $29,809,000 after acquiring an additional 524,804 shares in the last quarter. Hedge funds and other institutional investors own 22.70% of the company’s stock.

About Frontline

Frontline plc is a maritime shipping company that owns and operates tankers engaged primarily in the transportation of crude oil and refined petroleum products. Its fleet has included very large crude carriers (VLCCs), Suezmax tankers and long-range product tankers, which transport energy commodities for oil companies, trading firms and other customers worldwide.

The company’s vessels operate on international shipping routes, serving major oil-producing, refining and consuming regions.