Zacks Investment Research Lowers Frontline Ltd. (NYSE:FRO) to Sell

Frontline Ltd. (NYSE:FRO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday, November 1st.

According to Zacks, “FRONTLINE LTD’s business strategy is primarily based upon the following principles: emphasising operational safety and quality maintenance for all of its vessels; complying with all current and proposed environmental regulations; outsourcing technical operations and crewing; achieving low operational costs of vessels; achieving high utilisation of its vessels; competitive financing arrangements; and develop relationship to main charterers. “

A number of other equities analysts have also commented on FRO. BidaskClub lowered shares of Frontline from a “sell” rating to a “strong sell” rating in a report on Friday, August 18th. ValuEngine lowered shares of Frontline from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Credit Suisse Group reaffirmed a “neutral” rating on shares of Frontline in a report on Tuesday, September 5th. Finally, Evercore ISI cut shares of Frontline from an “in-line” rating to an “underperform” rating and dropped their price target for the company from $6.00 to $4.00 in a research report on Friday, July 21st. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $6.00.

Frontline (NYSE:FRO) traded up $0.02 on Wednesday, reaching $5.83. 272,286 shares of the company’s stock were exchanged, compared to its average volume of 771,219. The stock has a market capitalization of $8,060.00, a PE ratio of 14.17 and a beta of 1.94. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 1.07. Frontline has a 52-week low of $4.87 and a 52-week high of $7.83.

Frontline (NYSE:FRO) last posted its earnings results on Wednesday, August 30th. The shipping company reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.05). The firm had revenue of $89.99 million for the quarter, compared to the consensus estimate of $86.55 million. Frontline had a return on equity of 4.42% and a net margin of 4.74%. sell-side analysts expect that Frontline will post -0.03 EPS for the current year.

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Institutional investors have recently modified their holdings of the stock. Legal & General Group Plc increased its stake in Frontline by 3.8% during the 1st quarter. Legal & General Group Plc now owns 16,056 shares of the shipping company’s stock valued at $108,000 after purchasing an additional 581 shares in the last quarter. Aperio Group LLC bought a new stake in shares of Frontline in the second quarter worth approximately $124,000. KCG Holdings Inc. grew its stake in shares of Frontline by 40.3% in the first quarter. KCG Holdings Inc. now owns 25,073 shares of the shipping company’s stock worth $169,000 after acquiring an additional 7,205 shares during the period. Parametric Portfolio Associates LLC boosted its holdings in shares of Frontline by 72.3% in the first quarter. Parametric Portfolio Associates LLC now owns 26,537 shares of the shipping company’s stock worth $179,000 after buying an additional 11,133 shares during the last quarter. Finally, Nisa Investment Advisors LLC purchased a new position in Frontline during the second quarter valued at approximately $182,000. Institutional investors own 12.52% of the company’s stock.

Frontline Company Profile

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