Jefferies Financial Group Issues Pessimistic Forecast for Frontline (NYSE:FRO) Stock Price

Frontline (NYSE:FRO) had its price target decreased by equities researchers at Jefferies Financial Group from $30.00 to $26.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the shipping company’s stock. Jefferies Financial Group’s price target would indicate a potential upside of 35.21% from the stock’s previous close.

Several other equities analysts also recently issued reports on the stock. StockNews.com raised shares of Frontline to a “sell” rating in a report on Thursday, September 5th. Evercore ISI lowered their price objective on Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Fearnley Fonds raised Frontline to a “strong-buy” rating in a report on Friday, September 27th. Finally, BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target on the stock in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $27.26.

Frontline Stock Performance

NYSE FRO opened at $19.23 on Thursday. The stock has a 50-day moving average of $21.72 and a 200 day moving average of $23.89. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.40. Frontline has a twelve month low of $18.26 and a twelve month high of $29.39.

Frontline (NYSE:FRO) last announced its earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.03). Frontline had a return on equity of 19.73% and a net margin of 29.42%. The business had revenue of $409.72 million for the quarter, compared to analyst estimates of $383.88 million. During the same period in the previous year, the company earned $0.94 earnings per share. As a group, equities research analysts expect that Frontline will post 2.38 earnings per share for the current fiscal year.

Institutional Trading of Frontline

Large investors have recently added to or reduced their stakes in the stock. Vestcor Inc purchased a new position in Frontline during the third quarter worth about $255,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Frontline during the 3rd quarter valued at approximately $998,000. IHT Wealth Management LLC raised its position in shares of Frontline by 3.5% during the 3rd quarter. IHT Wealth Management LLC now owns 15,723 shares of the shipping company’s stock valued at $359,000 after buying an additional 535 shares during the period. Cinctive Capital Management LP lifted its holdings in Frontline by 120.8% in the third quarter. Cinctive Capital Management LP now owns 104,557 shares of the shipping company’s stock valued at $2,389,000 after acquiring an additional 57,206 shares during the last quarter. Finally, Point72 Europe London LLP purchased a new position in Frontline in the third quarter worth approximately $3,219,000. 22.70% of the stock is currently owned by hedge funds and other 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.