HC Wainwright Raises Frontline (NYSE:FRO) Price Target to $10.00

Frontline (NYSE:FRO – Get Rating) had its price objective increased by HC Wainwright from $8.00 to $10.00 in a research note released on Wednesday, The Fly reports. They currently have a neutral rating on the shipping company’s stock.

FRO has been the topic of a number of other reports. Zacks Investment Research downgraded shares of Frontline from a buy rating to a hold rating in a report on Wednesday, May 4th. Jefferies Financial Group assumed coverage on shares of Frontline in a report on Wednesday, April 27th. They issued a hold rating on the stock. Finally, StockNews.com assumed coverage on shares of Frontline in a report on Thursday, March 31st. They issued a sell rating on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $9.93.

FRO opened at $11.43 on Wednesday. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.14 and a quick ratio of 0.86. The company has a market capitalization of $2.33 billion, a price-to-earnings ratio of -228.60 and a beta of 0.10. The firm’s fifty day moving average price is $8.85 and its two-hundred day moving average price is $8.00. Frontline has a 1 year low of $6.10 and a 1 year high of $11.57.

Frontline (NYSE:FRO – Get Rating) last posted its quarterly earnings data on Tuesday, May 24th. The shipping company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). Frontline had a negative net margin of 1.49% and a negative return on equity of 3.40%. During the same quarter in the prior year, the business posted $0.04 EPS. As a group, equities analysts anticipate that Frontline will post 0.72 EPS for the current year.

A number of institutional investors have recently made changes to their positions in FRO. Morgan Stanley raised its stake in Frontline by 325.0% in the 2nd quarter. Morgan Stanley now owns 324,958 shares of the shipping company’s stock valued at $2,926,000 after acquiring an additional 248,492 shares during the period. Wells Fargo & Company MN raised its stake in Frontline by 297.3% in the 2nd quarter. Wells Fargo & Company MN now owns 239,202 shares of the shipping company’s stock valued at $2,153,000 after acquiring an additional 178,997 shares during the period. Citigroup Inc. raised its stake in Frontline by 103.9% in the 3rd quarter. Citigroup Inc. now owns 13,848 shares of the shipping company’s stock valued at $130,000 after acquiring an additional 7,057 shares during the period. Goldman Sachs Group Inc. raised its stake in Frontline by 81.3% in the 3rd quarter. Goldman Sachs Group Inc. now owns 801,602 shares of the shipping company’s stock valued at $7,511,000 after acquiring an additional 359,494 shares during the period. Finally, American Century Companies Inc. raised its stake in Frontline by 65.2% in the 3rd quarter. American Century Companies Inc. now owns 315,937 shares of the shipping company’s stock valued at $2,960,000 after acquiring an additional 124,734 shares during the period. Institutional investors and hedge funds own 20.33% of the company’s stock.

About Frontline (Get Rating)

Frontline Ltd., 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, 2021, 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 Hamilton, Bermuda.

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