Frontline (NYSE:FRO) Posts Earnings Results, Hits Estimates

Frontline (NYSE:FRO) posted its quarterly earnings results on Friday. The shipping company reported $0.20 EPS for the quarter, hitting the consensus estimate of $0.20, Zacks reports. The company had revenue of $425.60 million for the quarter, compared to the consensus estimate of $273.16 million. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.46 EPS.

Frontline Stock Up 5.4 %

NYSE FRO traded up $0.83 during midday trading on Friday, hitting $16.14. 2,761,802 shares of the company traded hands, compared to its average volume of 3,612,393. Frontline has a 52 week low of $13.17 and a 52 week high of $29.39. The company’s 50-day simple moving average is $16.41 and its 200-day simple moving average is $19.28. The company has a market cap of $3.59 billion and a PE ratio of 6.58. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Jefferies Financial Group decreased their price target on shares of 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 lowered Frontline from a “buy” rating to a “hold” rating and set a $15.83 target price for the company. in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price 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.