Frontline (NYSE:FRO) Issues Earnings Results, Hits Expectations

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

Frontline Stock Up 5.3 %

Shares of NYSE FRO traded up $0.82 during mid-day trading on Friday, reaching $16.13. The company had a trading volume of 2,884,307 shares, compared to its average volume of 3,615,225. Frontline has a 52-week low of $13.17 and a 52-week high of $29.39. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 1.44. The stock has a market cap of $3.59 billion and a P/E ratio of 6.58. The firm has a 50 day simple moving average of $16.41 and a two-hundred day simple moving average of $19.28.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Jefferies Financial Group reduced their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. Kepler Capital Markets cut Frontline from a “buy” rating to a “hold” rating and set a $15.83 price target for the company. 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 assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Frontline currently has an average rating of “Moderate Buy” and an average price target of $24.03.

Frontline Company Profile

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.