Zacks: Brokerages Anticipate Frontline Ltd. (NYSE:FRO) Will Announce Quarterly Sales of $100.13 Million


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Equities analysts predict that Frontline Ltd. (NYSE:FRO) will report sales of $100.13 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Frontline’s earnings. The lowest sales estimate is $92.10 million and the highest is $108.16 million. Frontline reported sales of $288.52 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 65.3%. The company is expected to announce its next quarterly earnings report on Wednesday, May 19th.

On average, analysts expect that Frontline will report full-year sales of $497.88 million for the current year, with estimates ranging from $416.20 million to $579.55 million. For the next financial year, analysts forecast that the firm will post sales of $677.11 million, with estimates ranging from $668.00 million to $686.23 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Frontline.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Thursday, February 18th. The shipping company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.05). Frontline had a net margin of 38.35% and a return on equity of 34.28%. The company had revenue of $100.63 million for the quarter, compared to analysts’ expectations of $105.33 million. During the same quarter last year, the company earned $0.54 earnings per share.

A number of research analysts have recently weighed in on FRO shares. Zacks Investment Research raised Frontline from a “sell” rating to a “hold” rating in a report on Wednesday, March 31st. Jefferies Financial Group reiterated a “hold” rating and issued a $8.00 price objective on shares of Frontline in a report on Monday, March 1st. Kepler Capital Markets reiterated a “buy” rating on shares of Frontline in a research report on Sunday, February 21st. Finally, HC Wainwright initiated coverage on shares of Frontline in a report on Monday, March 29th. They set a “neutral” rating and a $8.00 price target for the company. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $7.67.

Several institutional investors have recently added to or reduced their stakes in the company. Folketrygdfondet raised its holdings in shares of Frontline by 17.3% during the 4th quarter. Folketrygdfondet now owns 9,818,351 shares of the shipping company’s stock valued at $61,071,000 after buying an additional 1,450,000 shares during the period. BlackRock Inc. raised its holdings in shares of Frontline by 7.5% during the fourth quarter. BlackRock Inc. now owns 6,295,391 shares of the shipping company’s stock valued at $39,157,000 after buying an additional 437,637 shares during the last quarter. Barclays PLC boosted its position in shares of Frontline by 100.8% during the fourth quarter. Barclays PLC now owns 478,021 shares of the shipping company’s stock worth $2,975,000 after buying an additional 239,924 shares during the period. Schroder Investment Management Group grew its holdings in Frontline by 25.0% in the 4th quarter. Schroder Investment Management Group now owns 530,507 shares of the shipping company’s stock worth $28,806,000 after buying an additional 106,127 shares in the last quarter. Finally, Virtu Financial LLC increased its position in Frontline by 182.1% in the 4th quarter. Virtu Financial LLC now owns 141,377 shares of the shipping company’s stock valued at $879,000 after acquiring an additional 91,254 shares during the period. Institutional investors own 21.85% of the company’s stock.

Frontline stock traded down $0.09 during trading hours on Monday, reaching $7.37. The stock had a trading volume of 29,075 shares, compared to its average volume of 2,179,098. Frontline has a 52 week low of $5.28 and a 52 week high of $11.95. The business’s 50 day moving average price is $7.41 and its 200-day moving average price is $6.71. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market cap of $1.46 billion, a price-to-earnings ratio of 2.79 and a beta of 0.47.

Frontline Company Profile

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, 2020, the company operated a fleet of 68 vessels. It is also involved in the charter, purchase, and sale of vessels. Frontline Ltd.

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