Frontline (NYSE:FRO) Releases Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Posted by Hanz Christensen on Aug 31st, 2024

Frontline (NYSE:FRO – Get Free Report) announced its quarterly earnings results on Friday. The shipping company reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.03), Briefing.com reports. Frontline had a net margin of 32.94% and a return on equity of 23.14%. The company had revenue of $409.72 million during the quarter, compared to the consensus estimate of $383.88 million. During the same period in the previous year, the firm posted $0.94 EPS.

Frontline Stock Performance

Shares of NYSE FRO opened at $24.15 on Friday. The stock has a 50 day moving average price of $24.19 and a 200 day moving average price of $24.49. Frontline has a 52 week low of $15.94 and a 52 week high of $29.39. The stock has a market capitalization of $5.38 billion, a PE ratio of 8.44 and a beta of 0.03. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.75 and a current ratio of 1.75.

Wall Street Analysts Forecast Growth

FRO has been the topic of several research reports. Jefferies Financial Group reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Frontline in a research report on Friday. Evercore ISI cut their price target on Frontline from $33.00 to $32.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Finally, StockNews.com raised Frontline to a “sell” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $27.58.

Read Our Latest Report on Frontline

Frontline Company Profile

(Get Free Report)

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.