Frontline (NYSE:FRO) Sees Strong Trading Volume

Shares of Frontline Ltd. (NYSE:FRO – Get Rating) saw an uptick in trading volume on Tuesday . 119,409 shares were traded during mid-day trading, a decline of 95% from the previous session’s volume of 2,618,272 shares.The stock last traded at $9.17 and had previously closed at $9.34.

Several research firms recently issued reports on FRO. Jefferies Financial Group upped their price objective on Frontline from $8.00 to $9.00 and gave the company a “hold” rating in a research report on Friday, February 18th. Zacks Investment Research raised Frontline from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 2nd. HC Wainwright increased their price target on Frontline from $8.00 to $9.00 and gave the company a “neutral” rating in a report on Friday, April 8th. Finally, StockNews.com started coverage on Frontline in a report on Thursday, March 31st. They set a “sell” rating on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Frontline currently has an average rating of “Hold” and an average price target of $9.23.

The company has a current ratio of 1.14, a quick ratio of 0.86 and a debt-to-equity ratio of 1.31. The stock has a market capitalization of $1.86 billion, a PE ratio of -182.00 and a beta of 0.05. The firm has a 50 day moving average price of $8.73 and a 200 day moving average price of $8.05.

Frontline (NYSE:FRO – Get Rating) last posted its quarterly earnings data on Thursday, February 17th. The shipping company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). The company had revenue of $213.50 million during the quarter, compared to analysts’ expectations of $108.70 million. Frontline had a negative return on equity of 3.40% and a negative net margin of 1.49%. The company’s revenue for the quarter was up 112.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.10) earnings per share. On average, equities research analysts expect that Frontline Ltd. will post 0.66 EPS for the current year.

Hedge funds have recently modified their holdings of the business. Folketrygdfondet grew its position in shares of Frontline by 10.3% during the fourth quarter. Folketrygdfondet now owns 11,499,940 shares of the shipping company’s stock valued at $81,305,000 after purchasing an additional 1,070,050 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Frontline by 81.3% during the third quarter. Goldman Sachs Group Inc. now owns 801,602 shares of the shipping company’s stock valued at $7,511,000 after purchasing an additional 359,494 shares in the last quarter. Cooper Creek Partners Management LLC purchased a new position in shares of Frontline during the fourth quarter valued at about $4,626,000. Bank of America Corp DE grew its position in shares of Frontline by 103.3% during the fourth quarter. Bank of America Corp DE now owns 570,615 shares of the shipping company’s stock valued at $4,034,000 after purchasing an additional 289,982 shares in the last quarter. Finally, Schroder Investment Management Group grew its position in shares of Frontline by 2.3% during the fourth quarter. Schroder Investment Management Group now owns 523,313 shares of the shipping company’s stock valued at $32,864,000 after purchasing an additional 11,942 shares in the last quarter. Institutional investors and hedge funds own 20.33% of the company’s stock.

About Frontline (NYSE:FRO)

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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