Frontline (NYSE:FRO) Sets New 1-Year High – Here’s Why

Frontline PLC (NYSE:FRO) hit a new 52-week high during trading on Tuesday . The stock traded as high as $43.16 and last traded at $42.9990, with a volume of 939697 shares. The stock had previously closed at $42.18.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Pareto Securities downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target on the stock. in a report on Monday, May 25th. BTIG Research upped their target price on shares of Frontline from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Wall Street Zen cut shares of Frontline from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 15th. Danske downgraded shares of Frontline to a “hold” rating in a report on Tuesday, May 26th. Finally, Weiss Ratings lowered shares of Frontline from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, August 12th. Four equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $41.62.

Frontline Trading Up 2.1%

The stock has a market cap of $9.89 billion, a P/E ratio of 10.94 and a beta of 0.02. The company has a debt-to-equity ratio of 0.83, a quick ratio of 2.03 and a current ratio of 2.03. The stock has a 50-day moving average price of $38.75 and a 200-day moving average price of $36.10.

Institutional Investors Weigh In On Frontline

Hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada increased its holdings in shares of Frontline by 32.3% in the 1st quarter. Royal Bank of Canada now owns 26,342 shares of the shipping company’s stock worth $392,000 after buying an additional 6,424 shares during the last quarter. Millennium Management LLC purchased a new stake in shares of Frontline during the 1st quarter valued at $7,587,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Frontline by 12.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 185,226 shares of the shipping company’s stock worth $2,751,000 after acquiring an additional 20,370 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Frontline by 93.6% during the 2nd quarter. American Century Companies Inc. now owns 72,539 shares of the shipping company’s stock worth $1,190,000 after acquiring an additional 35,078 shares during the last quarter. Finally, Invesco Ltd. grew its position in Frontline by 215.8% in the second quarter. Invesco Ltd. now owns 91,039 shares of the shipping company’s stock worth $1,494,000 after acquiring an additional 62,210 shares in the last quarter. 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.