Evercore ISI Has Lowered Expectations for Frontline (NYSE:FRO) Stock Price

Frontline (NYSE:FRO - Get Free Report) had its price objective cut by equities researchers at Evercore ISI from $22.00 to $20.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the shipping company's stock. Evercore ISI's price objective would indicate a potential upside of 34.41% from the stock's previous close.

Separately, Kepler Capital Markets set a $12.49 price objective on Frontline in a report on Thursday, March 27th. Two research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $20.62.

Frontline Trading Down 3.6 %

Shares of Frontline stock opened at $14.88 on Tuesday. The firm has a market cap of $3.31 billion, a PE ratio of 6.07 and a beta of 0.20. The business's fifty day moving average is $15.59 and its two-hundred day moving average is $17.04. Frontline has a fifty-two week low of $12.40 and a fifty-two week high of $29.39. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44.

Frontline (NYSE:FRO - Get Free Report) last announced its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 earnings per share for the quarter, hitting the consensus estimate of $0.20. The business had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company's revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.46 EPS. Analysts anticipate that Frontline will post 1.78 earnings per share for the current year.

Institutional Trading of Frontline

A number of hedge funds and other institutional investors have recently modified their holdings of FRO. Charles Schwab Investment Management Inc. increased its holdings in Frontline by 65.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 71,972 shares of the shipping company's stock worth $1,021,000 after purchasing an additional 28,478 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in Frontline during the fourth quarter valued at $341,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Frontline during the fourth quarter worth $342,000. Private Advisor Group LLC lifted its position in shares of Frontline by 164.0% in the 4th quarter. Private Advisor Group LLC now owns 28,053 shares of the shipping company's stock worth $398,000 after buying an additional 17,428 shares during the last quarter. Finally, Range Financial Group LLC bought a new stake in shares of Frontline during the 4th quarter valued at about $579,000. 22.70% of the stock is owned by hedge funds and other institutional investors.

Frontline Company Profile

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.

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