Zacks Investment Research Upgrades Frontline (FRO) to Hold

Frontline (NYSE:FRO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday.

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, Seaport Global Securities set a $7.00 price target on Frontline and gave the company a “buy” rating in a research note on Thursday, January 4th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. Frontline has an average rating of “Hold” and a consensus price target of $5.67.

Shares of Frontline (NYSE:FRO) traded up $0.11 on Monday, reaching $4.06. The company had a trading volume of 499,913 shares, compared to its average volume of 730,042. Frontline has a 1 year low of $3.79 and a 1 year high of $7.24. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 1.22. The company has a market capitalization of $5,580.00, a price-to-earnings ratio of 27.07 and a beta of 1.81.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Wednesday, November 22nd. The shipping company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.01). Frontline had a net margin of 0.29% and a return on equity of 1.70%. The firm had revenue of $75.86 million for the quarter, compared to the consensus estimate of $78.30 million. equities research analysts expect that Frontline will post -0.15 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp grew its stake in shares of Frontline by 7.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 257,954 shares of the shipping company’s stock valued at $1,479,000 after purchasing an additional 18,354 shares during the period. Wells Fargo & Company MN grew its stake in shares of Frontline by 117.8% in the 2nd quarter. Wells Fargo & Company MN now owns 143,363 shares of the shipping company’s stock valued at $822,000 after purchasing an additional 77,539 shares during the period. Alliancebernstein L.P. grew its stake in shares of Frontline by 48.8% in the 2nd quarter. Alliancebernstein L.P. now owns 100,600 shares of the shipping company’s stock valued at $576,000 after purchasing an additional 33,000 shares during the period. Teachers Advisors LLC grew its stake in shares of Frontline by 18.2% in the 2nd quarter. Teachers Advisors LLC now owns 135,816 shares of the shipping company’s stock valued at $778,000 after purchasing an additional 20,935 shares during the period. Finally, TIAA CREF Investment Management LLC grew its stake in shares of Frontline by 12.0% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 202,366 shares of the shipping company’s stock valued at $1,160,000 after purchasing an additional 21,700 shares during the period. Hedge funds and other institutional investors own 12.62% of the company’s stock.

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About Frontline

Frontline Ltd. is a shipping company. The Company is engaged in the seaborne transportation of crude oil and oil products. Its tankers segment includes crude oil tankers and product tankers. As of December 31, 2016, the Company’s fleet consisted of 28 vessels owned by the Company (seven very large crude carriers (VLCCs), 10 Suezmax tankers and 11 Aframax/LR2 tankers); 13 vessels that are under capital leases (11 VLCCs and two Suezmax tankers); one VLCC that is recorded as an investment in finance lease; four vessels chartered-in for periods of 12 months, including extension options (two VLCCs and two Suezmax tankers); two VLCCs where cost/revenue is split equally with a third party (of which one is chartered-in by it and one by a third party); three medium range product tankers that are chartered-in on short term time charters with a remaining duration of less than two months, and five vessels that are under commercial management (two Suezmax tankers and three Aframax oil tankers).

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