Frontline Ltd. (FRO) Lifted to “Hold” at Zacks Investment Research
Frontline Ltd. (NYSE:FRO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Thursday.
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. “
Separately, Credit Suisse Group AG restated a “neutral” rating on shares of Frontline in a research report on Wednesday, February 22nd. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $7.83.
Shares of Frontline (NYSE:FRO) traded down 0.63% during mid-day trading on Thursday, hitting $6.34. The company had a trading volume of 397,220 shares. Frontline has a 12-month low of $6.25 and a 12-month high of $10.41. The firm has a market cap of $1.08 billion, a PE ratio of 8.51 and a beta of 2.36. The firm’s 50 day moving average is $6.68 and its 200-day moving average is $7.04.
Frontline (NYSE:FRO) last released its quarterly earnings data on Tuesday, February 28th. The shipping company reported $0.22 EPS for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.14. Frontline had a net margin of 21.54% and a return on equity of 13.92%. The business had revenue of $128.15 million during the quarter, compared to analysts’ expectations of $100.70 million. On average, equities analysts expect that Frontline will post $0.16 EPS for the current year.
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Institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Frontline by 426.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,564 shares of the shipping company’s stock worth $112,000 after buying an additional 13,420 shares during the period. Boothbay Fund Management LLC boosted its position in Frontline by 36.5% in the fourth quarter. Boothbay Fund Management LLC now owns 18,674 shares of the shipping company’s stock worth $133,000 after buying an additional 4,990 shares during the period. Parametric Portfolio Associates LLC boosted its position in Frontline by 72.3% in the first quarter. Parametric Portfolio Associates LLC now owns 26,537 shares of the shipping company’s stock worth $179,000 after buying an additional 11,133 shares during the period. American International Group Inc. boosted its position in Frontline by 7.6% in the first quarter. American International Group Inc. now owns 40,205 shares of the shipping company’s stock worth $271,000 after buying an additional 2,841 shares during the period. Finally, Wells Fargo & Company MN boosted its position in Frontline by 24.3% in the first quarter. Wells Fargo & Company MN now owns 65,824 shares of the shipping company’s stock worth $444,000 after buying an additional 12,850 shares during the period. Hedge funds and other institutional investors own 8.80% of the company’s stock.
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