Brokers Set Expectations for Frontline Ltd.’s Q3 2016 Earnings (FRO)
Frontline Ltd. (NYSE:FRO) – Investment analysts at Seaport Global Securities decreased their Q3 2016 earnings per share estimates for shares of Frontline in a research note issued to investors on Tuesday. Seaport Global Securities analyst M. Fyhr now anticipates that the brokerage will earn ($0.03) per share for the quarter, down from their previous estimate of $0.02. Seaport Global Securities also issued estimates for Frontline’s Q4 2016 earnings at $0.01 EPS and FY2017 earnings at $0.72 EPS.
Frontline (NYSE:FRO) last posted its earnings results on Wednesday, August 31st. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.27 by $0.18. Frontline had a return on equity of 20.67% and a net margin of 31.41%.
Several other brokerages have also recently weighed in on FRO. Morgan Stanley reiterated an “equal weight” rating and set a $7.00 price target (down from $10.00) on shares of Frontline in a research report on Friday, August 26th. Clarkson Capital reiterated a “buy” rating on shares of Frontline in a research report on Friday, June 17th. Zacks Investment Research cut shares of Frontline from a “buy” rating to a “hold” rating in a research report on Tuesday, August 2nd. Finally, Wells Fargo & Co. reiterated a “hold” rating on shares of Frontline in a research report on Tuesday, September 27th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Frontline currently has an average rating of “Hold” and an average price target of $11.90.
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Frontline (NYSE:FRO) traded down 2.037% during midday trading on Thursday, reaching $7.455. 563,384 shares of the company traded hands. Frontline has a one year low of $6.80 and a one year high of $17.05. The stock’s 50 day moving average is $7.41 and its 200 day moving average is $7.95. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 4.882 and a beta of 2.30.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC acquired a new position in Frontline during the third quarter worth approximately $108,000. BlackRock Inc. increased its stake in Frontline by 551.1% in the second quarter. BlackRock Inc. now owns 15,015 shares of the company’s stock worth $119,000 after buying an additional 12,709 shares during the last quarter. Capital Fund Management S.A. purchased a new stake in Frontline during the second quarter worth about $129,000. Strs Ohio increased its stake in Frontline by 38.6% in the second quarter. Strs Ohio now owns 21,600 shares of the company’s stock worth $169,000 after buying an additional 6,020 shares during the last quarter. Finally, BlackRock Advisors LLC increased its stake in Frontline by 44.5% in the second quarter. BlackRock Advisors LLC now owns 21,491 shares of the company’s stock worth $169,000 after buying an additional 6,621 shares during the last quarter. 9.12% of the stock is currently owned by institutional investors and hedge funds.
The company also recently announced a quarterly dividend, which was paid on Monday, September 19th. Shareholders of record on Monday, September 12th were given a $0.20 dividend. The ex-dividend date was Thursday, September 8th. This represents a $0.80 annualized dividend and a yield of 10.51%.
Frontline Ltd. is a shipping company. The Company is engaged in the seaborne transportation of crude oil and oil products. The Company operates through the tankers segment. The tankers segment includes crude oil tankers and product tankers. The Company operates through subsidiaries and partnerships located in Bermuda, India, the Philippines, Liberia, Norway, the United Kingdom and Singapore.
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