Frontline (NYSE:FRO) Price Target Lowered to $20.00 at Jefferies Financial Group

Frontline (NYSE:FRO) had its price objective lowered by stock analysts at Jefferies Financial Group from $26.00 to $20.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the shipping company’s stock. Jefferies Financial Group’s price objective would suggest a potential upside of 44.67% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. BTIG Research upgraded shares of Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a research report on Monday, October 7th. Kepler Capital Markets downgraded Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target for the company. in a report on Thursday, December 12th. Fearnley Fonds raised Frontline to a “strong-buy” rating in a research report on Friday, September 27th. Finally, StockNews.com upgraded Frontline to a “sell” rating in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Frontline currently has a consensus rating of “Moderate Buy” and an average price target of $24.36.

Frontline Stock Performance

Shares of FRO stock opened at $13.83 on Tuesday. The stock has a market cap of $3.08 billion and a PE ratio of 5.64. The stock has a 50-day moving average of $19.09 and a 200-day moving average of $22.39. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. Frontline has a one year low of $13.68 and a one year high of $29.39.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Wednesday, November 27th. The shipping company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.05). Frontline had a net margin of 25.64% and a return on equity of 19.25%. During the same quarter last year, the firm posted $0.36 EPS. As a group, sell-side analysts expect that Frontline will post 1.83 earnings per share for the current year.

Hedge Funds Weigh In On Frontline

Several hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC bought a new position in Frontline in the third quarter valued at $783,000. Edge Capital Group LLC grew its holdings in shares of Frontline by 31.8% in the 2nd quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company’s stock valued at $10,641,000 after acquiring an additional 99,765 shares in the last quarter. FCG Investment Co acquired a new stake in shares of Frontline in the third quarter valued at about $823,000. Sanctuary Advisors LLC bought a new stake in Frontline during the second quarter worth about $548,000. Finally, Commonwealth Equity Services LLC boosted its position in Frontline by 234.6% during the second quarter. Commonwealth Equity Services LLC now owns 35,116 shares of the shipping company’s stock valued at $905,000 after purchasing an additional 24,620 shares during the last quarter. 22.70% of the stock is owned by institutional investors.

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.