Frontline (NYSE:FRO) Rating Increased to Strong-Buy at Fearnley Fonds

Frontline (NYSE:FRO) was upgraded by stock analysts at Fearnley Fonds to a “strong-buy” rating in a report released on Friday, Zacks.com reports.

FRO has been the topic of a number of other research reports. Evercore ISI decreased their price target on Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Jefferies Financial Group reissued a “buy” rating and set a $30.00 price target on shares of Frontline in a report on Friday, August 30th. Finally, StockNews.com raised shares of Frontline to a “sell” rating in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Frontline presently has an average rating of “Moderate Buy” and an average price target of $27.58.

Frontline Price Performance

NYSE:FRO opened at $22.85 on Friday. Frontline has a 12-month low of $17.02 and a 12-month high of $29.39. The firm has a market capitalization of $5.09 billion, a price-to-earnings ratio of 7.99 and a beta of 0.04. The stock’s 50 day moving average price is $23.39 and its two-hundred day moving average price is $24.43. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.40.

Frontline (NYSE:FRO) last released its quarterly earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.03). The company had revenue of $409.72 million during the quarter, compared to the consensus estimate of $383.88 million. Frontline had a net margin of 29.42% and a return on equity of 19.73%. During the same period in the prior year, the company earned $0.94 earnings per share. On average, analysts anticipate that Frontline will post 2.62 earnings per share for the current year.

Institutional Trading of Frontline

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Optiver Holding B.V. increased its position in shares of Frontline by 3,868.9% during the fourth quarter. Optiver Holding B.V. now owns 21,948 shares of the shipping company’s stock worth $440,000 after buying an additional 21,395 shares during the period. Seven Eight Capital LP acquired a new stake in shares of Frontline during the 4th quarter worth approximately $750,000. Penn Mutual Asset Management LLC acquired a new stake in Frontline in the fourth quarter worth $203,000. Forest Avenue Capital Management LP increased its stake in Frontline by 115.9% in the fourth quarter. Forest Avenue Capital Management LP now owns 1,057,691 shares of the shipping company’s stock valued at $21,207,000 after purchasing an additional 567,900 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky acquired a new position in shares of Frontline during the fourth quarter valued at about $2,811,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

About Frontline

Frontline plc, a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.