Zacks Investment Research upgraded shares of Frontline (NYSE:FRO) from a hold rating to a buy rating in a report issued on Wednesday, Zacks.com reports. Zacks Investment Research currently has $10.00 price target 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 analysts also recently issued reports on FRO. DNB Markets raised shares of Frontline from a hold rating to a buy rating in a research note on Tuesday, February 12th. Morgan Stanley reissued a hold rating on shares of Frontline in a research note on Friday, February 15th. ValuEngine raised shares of Frontline from a hold rating to a buy rating in a research note on Wednesday, May 15th. Finally, TheStreet raised shares of Frontline from a d+ rating to a c- rating in a research note on Monday. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $7.30.
Frontline (NYSE:FRO) last released its quarterly earnings results on Thursday, May 16th. The shipping company reported $0.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.03. The company had revenue of $140.76 million during the quarter, compared to analyst estimates of $148.24 million. Frontline had a return on equity of 3.08% and a net margin of 5.52%. During the same quarter last year, the business posted ($0.08) earnings per share. Analysts anticipate that Frontline will post 0.42 earnings per share for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. raised its stake in shares of Frontline by 2.9% during the fourth quarter. BlackRock Inc. now owns 3,739,119 shares of the shipping company’s stock valued at $20,678,000 after acquiring an additional 105,778 shares in the last quarter. Odey Asset Management Group Ltd raised its stake in shares of Frontline by 2,276.9% during the fourth quarter. Odey Asset Management Group Ltd now owns 3,422,053 shares of the shipping company’s stock valued at $18,924,000 after acquiring an additional 3,278,079 shares in the last quarter. Deutsche Bank AG raised its stake in shares of Frontline by 130.7% during the fourth quarter. Deutsche Bank AG now owns 740,715 shares of the shipping company’s stock valued at $4,094,000 after acquiring an additional 419,702 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Frontline by 213.6% during the first quarter. Goldman Sachs Group Inc. now owns 481,311 shares of the shipping company’s stock valued at $3,110,000 after acquiring an additional 327,821 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its stake in shares of Frontline by 7.3% during the first quarter. Parametric Portfolio Associates LLC now owns 408,827 shares of the shipping company’s stock valued at $2,641,000 after acquiring an additional 27,805 shares in the last quarter. 17.83% of the stock is owned by institutional investors and hedge funds.
Frontline Company Profile
Frontline Ltd., 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, 2018, the company's fleet consisted of 61 vessels, which included very large crude carrier, Suezmax, and LR2/Aframax tankers with an aggregate capacity of approximately 11.6 million deadweight ton.
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