Frontline (NYSE:FRO) Reaches New 52-Week High – Still a Buy?

Shares of Frontline PLC (NYSE:FRO) hit a new 52-week high during trading on Monday . The stock traded as high as $34.90 and last traded at $34.7070, with a volume of 1252396 shares changing hands. The stock had previously closed at $34.72.

Analyst Ratings Changes

A number of analysts have weighed in on FRO shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Frontline in a report on Monday, December 29th. Evercore upped their target price on Frontline from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. BTIG Research lifted their price target on shares of Frontline from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, February 4th. Jefferies Financial Group boosted their price target on shares of Frontline from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, November 21st. Finally, Clarkson Capital raised shares of Frontline from a “neutral” rating to a “buy” rating in a research note on Monday, January 12th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $25.87.

Frontline Stock Up 1.0%

The company has a market cap of $7.81 billion, a P/E ratio of 35.80 and a beta of 0.07. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.37 and a quick ratio of 1.37. The stock has a fifty day moving average price of $25.95 and a two-hundred day moving average price of $23.86.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Friday, November 21st. The shipping company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.04). Frontline had a return on equity of 8.89% and a net margin of 12.23%.The company had revenue of $257.04 million for the quarter, compared to the consensus estimate of $265.23 million. During the same quarter last year, the company posted $0.34 EPS. On average, research analysts expect that Frontline PLC will post 1.78 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FRO. Royal Bank of Canada grew its position in Frontline by 32.3% in the 1st quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company’s stock worth $392,000 after purchasing an additional 6,424 shares in the last quarter. Millennium Management LLC purchased a new position in shares of Frontline in the 1st quarter worth approximately $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Frontline by 12.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 185,226 shares of the shipping company’s stock valued at $2,751,000 after acquiring an additional 20,370 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Frontline by 31.5% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 14,299 shares of the shipping company’s stock valued at $235,000 after acquiring an additional 3,427 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its position in shares of Frontline by 3.9% during the second quarter. DekaBank Deutsche Girozentrale now owns 114,312 shares of the shipping company’s stock valued at $1,903,000 after acquiring an additional 4,257 shares during the last quarter. 22.70% of the stock is owned by institutional investors.

Frontline Company Profile

Frontline Ltd. (NYSE:FRO) is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company’s core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline’s fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.