Frontline (NYSE:FRO) Given New $45.00 Price Target at BTIG Research

Frontline (NYSE:FRO) had its target price boosted by BTIG Research from $42.00 to $45.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the shipping company’s stock. BTIG Research’s target price indicates a potential upside of 27.10% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Frontline in a report on Friday, March 27th. Evercore restated an “outperform” rating and set a $42.00 price target on shares of Frontline in a report on Friday, February 27th. Wall Street Zen upgraded shares of Frontline from a “hold” rating to a “buy” rating in a report on Saturday, April 4th. Dnb Carnegie cut shares of Frontline from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. Finally, Clarkson Capital upgraded shares of Frontline from a “neutral” rating to a “buy” rating in a report on Monday, January 12th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

Frontline Trading Down 4.2%

Shares of NYSE:FRO opened at $35.40 on Wednesday. The stock has a market capitalization of $7.88 billion, a PE ratio of 20.83 and a beta of 0.05. Frontline has a 1 year low of $14.97 and a 1 year high of $39.89. The firm has a fifty day moving average price of $34.37 and a 200 day moving average price of $27.80. The company has a current ratio of 1.43, a quick ratio of 1.19 and a debt-to-equity ratio of 1.09.

Frontline (NYSE:FRO) last issued its quarterly earnings data on Saturday, February 28th. The shipping company reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.10). The business had revenue of $624.51 million during the quarter, compared to the consensus estimate of $456.90 million. Frontline had a return on equity of 16.51% and a net margin of 19.31%.The company’s revenue for the quarter was up 46.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.20 earnings per share.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Frontline by 2.9% during the third quarter. Vanguard Group Inc. now owns 5,840,353 shares of the shipping company’s stock valued at $133,738,000 after buying an additional 164,776 shares during the last quarter. Citigroup Inc. raised its position in shares of Frontline by 185.8% during the third quarter. Citigroup Inc. now owns 606,443 shares of the shipping company’s stock valued at $13,821,000 after buying an additional 394,226 shares during the last quarter. Kiker Wealth Management LLC raised its position in Frontline by 839.3% in the third quarter. Kiker Wealth Management LLC now owns 93,926 shares of the shipping company’s stock worth $2,141,000 after purchasing an additional 83,926 shares in the last quarter. SG Americas Securities LLC raised its position in Frontline by 20.6% in the third quarter. SG Americas Securities LLC now owns 1,058,260 shares of the shipping company’s stock worth $24,118,000 after purchasing an additional 180,731 shares in the last quarter. Finally, Ruffer LLP acquired a new position in Frontline in the third quarter worth about $2,845,000. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Company Profile

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.