Frontline (NYSE:FRO) Issues Earnings Results

Frontline (NYSE:FRO) released its earnings results on Friday. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.20, Zacks reports. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The business had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. During the same quarter in the previous year, the company posted $0.46 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year.

Frontline Price Performance

FRO stock traded up $0.82 during trading on Friday, hitting $16.13. The stock had a trading volume of 2,884,307 shares, compared to its average volume of 3,615,225. The stock has a market cap of $3.59 billion and a price-to-earnings ratio of 6.58. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. The company’s 50 day moving average price is $16.41 and its two-hundred day moving average price is $19.28. Frontline has a 1-year low of $13.17 and a 1-year high of $29.39.

Analysts Set New Price Targets

FRO has been the subject of a number of analyst reports. Jefferies Financial Group cut their price objective on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, December 17th. Kepler Capital Markets downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target on the stock. in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.03.

About Frontline

Frontline plc, 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, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.