Wells Fargo & Co cut shares of Frontline (NYSE:FRO) from an outperform rating to a market perform rating in a report issued on Thursday, MarketBeat Ratings reports. The firm currently has $5.50 target price on the shipping company’s stock, down from their previous target price of $7.00.
A number of other brokerages have also recently weighed in on FRO. DNB Markets cut shares of Frontline from a buy rating to a hold rating and set a $7.30 price target for the company. in a research note on Sunday, December 9th. ValuEngine cut shares of Frontline from a hold rating to a sell rating in a research note on Friday, December 21st. 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 research note on Monday, November 19th. BTIG Research began coverage on shares of Frontline in a research note on Thursday, September 27th. They set a neutral rating for the company. Finally, Zacks Investment Research upgraded shares of Frontline from a hold rating to a buy rating and set a $6.75 target price for the company in a research note on Tuesday, January 8th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Frontline presently has an average rating of Hold and an average target price of $6.43.
Shares of NYSE:FRO opened at $5.61 on Thursday. The firm has a market cap of $1.06 billion, a P/E ratio of -187.00 and a beta of 1.01. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 1.55. Frontline has a 1-year low of $3.79 and a 1-year high of $8.33.
Frontline (NYSE:FRO) last issued its quarterly earnings results on Friday, November 16th. The shipping company reported ($0.05) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.13) by $0.08. The firm had revenue of $89.21 million during the quarter, compared to analysts’ expectations of $79.90 million. Frontline had a negative net margin of 40.17% and a negative return on equity of 3.87%. During the same quarter in the prior year, the business earned ($0.08) EPS. As a group, research analysts expect that Frontline will post -0.2 earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC lifted its stake in shares of 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 acquiring an additional 397,101 shares during the period. GSA Capital Partners LLP lifted its stake in shares of 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 acquiring an additional 67,313 shares during the period. Marshall Wace LLP lifted its stake in shares of 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 acquiring an additional 662,138 shares during the period. Evermore Global Advisors LLC lifted its stake in shares of 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 acquiring an additional 181,826 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of 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 acquiring an additional 86,696 shares during the period. Institutional investors own 16.21% of the company’s stock.
Frontline Company Profile
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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