Frontline Sees Strong Trading Volume Following Better-Than-Expected Earnings (FRO)
Frontline (NYSE:FRO) shares saw unusually-high trading volume on Thursday following a better than expected earnings announcement, ARN reports. Approximately 2,085,683 shares were traded during mid-day trading, an increase of 188% from the previous session’s volume of 724,296 shares.The stock last traded at $2.18 and had previously closed at $2.58.
The company reported ($0.23) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.27) by $0.04. During the same quarter last year, the company posted ($1.54) earnings per share.
Several analysts have recently commented on the stock. Analysts at Zacks upgraded shares of Frontline from a “neutral” rating to an “outperform” rating in a research note on Friday, August 1st. They now have a $3.10 price target on the stock. Analysts at Jefferies Group raised their price target on shares of Frontline from $2.50 to $3.00 in a research note on Monday, July 28th. They now have a “hold” rating on the stock. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $2.29.
The stock has a 50-day moving average of $2.5 and a 200-day moving average of $3.13. The company’s market cap is $212.4 million.
Frontline Ltd. is a Bermuda-based shipping company engaged primarily in the ownership and operation of oil tanker.
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