Frontline (NYSE:FRO) Price Target Cut to $26.00 by Analysts at Jefferies Financial Group

Frontline (NYSE:FRO) had its price target dropped by equities researchers at Jefferies Financial Group from $30.00 to $26.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the shipping company’s stock. Jefferies Financial Group’s price objective suggests a potential upside of 31.65% from the company’s current price.

FRO has been the subject of several other reports. Evercore ISI cut their target price on shares of Frontline from $33.00 to $32.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. StockNews.com raised shares of Frontline to a “sell” rating in a research report on Thursday, September 5th. BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a research report on Monday, October 7th. Finally, Fearnley Fonds raised Frontline to a “strong-buy” rating in a report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.26.

Frontline Stock Performance

FRO stock traded up $0.44 during mid-day trading on Thursday, reaching $19.75. 1,524,602 shares of the stock traded hands, compared to its average volume of 1,839,419. The business has a 50-day moving average of $21.83 and a two-hundred day moving average of $23.95. Frontline has a 52 week low of $18.26 and a 52 week high of $29.39. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.40.

Frontline (NYSE:FRO) last announced its earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.03). Frontline had a net margin of 29.42% and a return on equity of 19.73%. The business had revenue of $409.72 million for the quarter, compared to the consensus estimate of $383.88 million. During the same quarter in the previous year, the company earned $0.94 EPS. On average, research analysts predict that Frontline will post 2.38 earnings per share for the current fiscal year.

Institutional Trading of Frontline

Several large investors have recently made changes to their positions in FRO. International Assets Investment Management LLC acquired a new position in Frontline during the 3rd quarter worth about $783,000. Edge Capital Group LLC lifted its position in shares of Frontline by 31.8% during the second quarter. Edge Capital Group LLC now owns 413,096 shares of the shipping company’s stock worth $10,641,000 after purchasing an additional 99,765 shares in the last quarter. M&G Plc bought a new stake in shares of Frontline during the first quarter valued at approximately $25,074,000. FCG Investment Co acquired a new stake in shares of Frontline in the third quarter valued at approximately $823,000. Finally, Sanctuary Advisors LLC bought a new position in Frontline in the 2nd quarter worth approximately $548,000. Institutional investors own 22.70% of the company’s stock.

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.