Frontline (NYSE:FRO) Posts Quarterly Earnings Results, Meets Expectations

Frontline (NYSE:FRO) issued its quarterly earnings results on Tuesday. The shipping company reported $0.02 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.02, Briefing.com reports. Frontline had a return on equity of 3.08% and a net margin of 5.52%. During the same period in the previous year, the company earned ($0.16) earnings per share.

NYSE FRO traded down $0.24 on Tuesday, hitting $7.95. 259,803 shares of the company’s stock were exchanged, compared to its average volume of 566,627. The stock has a 50-day moving average of $7.63 and a 200-day moving average of $7.41. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 1.40. Frontline has a 52 week low of $4.82 and a 52 week high of $9.54. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of -56.75, a P/E/G ratio of 3.96 and a beta of 1.02.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FRO. Mackenzie Financial Corp bought a new position in shares of Frontline during the 2nd quarter worth about $89,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Frontline during the 2nd quarter worth about $86,000. Jane Street Group LLC boosted its position in shares of Frontline by 181.6% during the 2nd quarter. Jane Street Group LLC now owns 308,902 shares of the shipping company’s stock worth $2,505,000 after purchasing an additional 199,214 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its position in shares of Frontline by 420.6% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 554,841 shares of the shipping company’s stock worth $4,439,000 after purchasing an additional 448,255 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in shares of Frontline during the 2nd quarter worth about $98,000. Hedge funds and other institutional investors own 17.01% of the company’s stock.



Several research firms have weighed in on FRO. ValuEngine upgraded Frontline from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st. Morgan Stanley set a $8.00 target price on Frontline and gave the stock a “hold” rating in a research note on Friday, May 17th. Zacks Investment Research upgraded Frontline from a “hold” rating to a “strong-buy” rating and set a $9.00 target price for the company in a research note on Wednesday, July 24th. Jefferies Financial Group set a $8.00 target price on Frontline and gave the stock a “hold” rating in a research note on Friday, July 5th. Finally, TheStreet upgraded Frontline from a “d+” rating to a “c-” rating in a research note on Monday, May 20th. Six research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $7.47.

About Frontline

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, 2018, the company's fleet consisted of 61 vessels, which included very large crude carrier, Suezmax, and LR2/Aframax tankers with an aggregate capacity of approximately 11.6 million deadweight ton.

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Earnings History for Frontline (NYSE:FRO)

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