Frontline (FRO) Given a $8.00 Price Target at Morgan Stanley

Frontline (NYSE:FRO) has been assigned a $8.00 target price by analysts at Morgan Stanley in a note issued to investors on Friday, TipRanks reports. The brokerage presently has a “hold” rating on the shipping company’s stock. Morgan Stanley’s price target would indicate a potential downside of 11.21% from the company’s current price.

FRO has been the subject of several other reports. Zacks Investment Research downgraded Frontline from a “buy” rating to a “hold” rating in a report on Friday, April 12th. DNB Markets upgraded Frontline from a “hold” rating to a “buy” rating in a research note on Tuesday, February 12th. Finally, ValuEngine upgraded Frontline from a “hold” rating to a “buy” rating in a research note on Wednesday. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $7.13.

NYSE FRO traded down $0.25 during trading hours on Friday, hitting $9.01. The company had a trading volume of 617,044 shares, compared to its average volume of 466,214. Frontline has a fifty-two week low of $4.46 and a fifty-two week high of $9.32. The company has a market cap of $1.53 billion, a P/E ratio of -64.36, a P/E/G ratio of 4.96 and a beta of 1.13. The company has a current ratio of 1.44, a quick ratio of 1.12 and a debt-to-equity ratio of 1.46.

Frontline (NYSE:FRO) last announced its quarterly earnings results on Thursday, May 16th. The shipping company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.03. Frontline had a negative return on equity of 2.04% and a negative net margin of 1.20%. The firm had revenue of $140.76 million during the quarter, compared to the consensus estimate of $148.24 million. During the same period in the prior year, the firm earned ($0.08) EPS. On average, sell-side analysts forecast that Frontline will post 0.36 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in FRO. Federated Investors Inc. PA grew its stake in shares of Frontline by 503.2% during the first quarter. Federated Investors Inc. PA now owns 4,771 shares of the shipping company’s stock valued at $31,000 after acquiring an additional 3,980 shares in the last quarter. Bienville Capital Management LLC acquired a new stake in shares of Frontline during the first quarter valued at about $65,000. B. Riley Wealth Management Inc. acquired a new stake in shares of Frontline during the first quarter valued at about $70,000. Virtu Financial LLC acquired a new stake in shares of Frontline during the fourth quarter valued at about $81,000. Finally, BNP Paribas Arbitrage SA grew its stake in shares of Frontline by 492.8% during the first quarter. BNP Paribas Arbitrage SA now owns 16,036 shares of the shipping company’s stock valued at $104,000 after acquiring an additional 13,331 shares in the last quarter. Institutional investors own 18.72% of the company’s stock.

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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