Frontline (NYSE:FRO) Given New $42.00 Price Target at BTIG Research

Frontline (NYSE:FRO) had its price target raised by analysts at BTIG Research from $35.00 to $42.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the shipping company’s stock. BTIG Research’s target price suggests a potential upside of 15.46% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Clarkson Capital upgraded shares of Frontline from a “neutral” rating to a “buy” rating in a research note on Monday, January 12th. Jefferies Financial Group lifted their price objective 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, Weiss Ratings restated a “hold (c)” rating on shares of Frontline in a research note on Monday, December 29th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Frontline has an average rating of “Moderate Buy” and an average target price of $27.62.

Frontline Stock Performance

Shares of FRO traded down $0.91 during mid-day trading on Friday, hitting $36.38. 3,531,577 shares of the company’s stock were exchanged, compared to its average volume of 3,341,449. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.27. Frontline has a 52 week low of $12.40 and a 52 week high of $37.95. The stock’s 50-day simple moving average is $27.06 and its 200-day simple moving average is $24.27. The firm has a market cap of $8.10 billion, a price-to-earnings ratio of 37.16 and a beta of 0.07.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Friday, February 27th. The shipping company reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.10). Frontline had a return on equity of 8.89% and a net margin of 12.23%.Frontline’s quarterly revenue was up 46.7% compared to the same quarter last year. During the same period last year, the company posted $0.20 EPS. On average, equities research analysts expect that Frontline will post 1.78 EPS for the current year.

Hedge Funds Weigh In On Frontline

Several large investors have recently bought and sold shares of FRO. Marshall Wace LLP raised its holdings in Frontline by 155.1% in the 2nd quarter. Marshall Wace LLP now owns 1,692,537 shares of the shipping company’s stock valued at $27,775,000 after buying an additional 1,029,034 shares during the last quarter. Voloridge Investment Management LLC bought a new position in shares of Frontline during the fourth quarter valued at $15,676,000. Balyasny Asset Management L.P. lifted its holdings in shares of Frontline by 44.0% during the third quarter. Balyasny Asset Management L.P. now owns 2,247,120 shares of the shipping company’s stock worth $51,212,000 after purchasing an additional 686,212 shares during the period. SG Americas Securities LLC grew its stake in shares of Frontline by 274.3% in the second quarter. SG Americas Securities LLC now owns 877,529 shares of the shipping company’s stock worth $14,400,000 after purchasing an additional 643,100 shares during the last quarter. Finally, Barclays PLC increased its holdings in Frontline by 256.9% in the fourth quarter. Barclays PLC now owns 826,343 shares of the shipping company’s stock valued at $18,031,000 after purchasing an additional 594,811 shares during the period. 22.70% of the stock is currently owned by institutional investors.

About Frontline

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.