Jefferies Financial Group Reaffirms Buy Rating for Frontline (NYSE:FRO)

Frontline (NYSE:FRO)‘s stock had its “buy” rating restated by Jefferies Financial Group in a research report issued on Wednesday,Benzinga reports. They presently have a $26.00 price objective on the shipping company’s stock. Jefferies Financial Group’s target price would suggest a potential upside of 54.95% from the company’s previous close.

Several other equities analysts also recently issued reports on FRO. Fearnley Fonds upgraded Frontline to a “strong-buy” rating in a research report on Friday, September 27th. BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a research report on Monday, October 7th. Finally, StockNews.com upgraded shares of Frontline to a “sell” rating in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Frontline has an average rating of “Moderate Buy” and a consensus target price of $27.26.

Frontline Stock Down 7.1 %

Shares of FRO stock opened at $16.78 on Wednesday. Frontline has a 12-month low of $16.47 and a 12-month high of $29.39. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a 50-day moving average price of $21.18 and a 200 day moving average price of $23.58.

Frontline (NYSE:FRO) last posted its earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03). The firm 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 quarter last year, the firm posted $0.94 EPS. On average, research analysts predict that Frontline will post 1.88 earnings per share for the current fiscal year.

Institutional Trading of Frontline

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FRO. Vanguard Group Inc. grew its position in shares of Frontline by 5,319.5% during the 1st quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company’s stock worth $123,750,000 after buying an additional 5,195,312 shares during the period. Hsbc Holdings PLC grew its holdings in Frontline by 7.7% during the 2nd quarter. Hsbc Holdings PLC now owns 1,932,842 shares of the shipping company’s stock worth $50,683,000 after acquiring an additional 138,011 shares during the period. Forest Avenue Capital Management LP raised its position in shares of Frontline by 12.7% during the 2nd quarter. Forest Avenue Capital Management LP now owns 1,429,909 shares of the shipping company’s stock valued at $36,834,000 after acquiring an additional 161,518 shares during the last quarter. M&G PLC lifted its stake in shares of Frontline by 27.2% in the 3rd quarter. M&G PLC now owns 1,110,763 shares of the shipping company’s stock valued at $25,164,000 after purchasing an additional 237,446 shares during the period. Finally, Smead Capital Management Inc. boosted its position in shares of Frontline by 5.1% in the 3rd quarter. Smead Capital Management Inc. now owns 670,581 shares of the shipping company’s stock worth $15,188,000 after purchasing an additional 32,531 shares during the last quarter. 22.70% of the stock is currently owned by institutional investors and hedge funds.

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.