Frontline Ltd. (FRO) Shares Up 4.7%
Frontline Ltd. (NYSE:FRO) shares shot up 4.7% during mid-day trading on Wednesday . The company traded as high as $8.18 and last traded at $8.18, with a volume of 654,833 shares traded. The stock had previously closed at $7.81.
A number of brokerages have recently issued reports on FRO. Clarkson Capital restated a “buy” rating on shares of Frontline in a research report on Friday, June 17th. Seaport Global Securities began coverage on shares of Frontline in a research report on Wednesday, May 4th. They issued a “neutral” rating and a $9.00 price target on the stock. Zacks Investment Research upgraded shares of Frontline from a “hold” rating to a “buy” rating and set a $8.50 price target on the stock in a research report on Wednesday, July 6th. Credit Suisse Group AG restated a “hold” rating on shares of Frontline in a research report on Tuesday, May 31st. Finally, Morgan Stanley restated a “hold” rating on shares of Frontline in a research report on Wednesday, June 1st. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Frontline currently has an average rating of “Hold” and a consensus target price of $13.13.
The stock’s 50-day moving average price is $8.27 and its 200-day moving average price is $8.81. The company has a market cap of $1.29 billion and a P/E ratio of 4.84.
Frontline (NYSE:FRO) last announced its earnings results on Tuesday, May 31st. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.19. Analysts expect that Frontline Ltd. will post $1.37 earnings per share for the current fiscal year.
Other large investors recently made changes to their positions in the company. California State Teachers Retirement System increased its stake in shares of Frontline by 124.9% in the fourth quarter. California State Teachers Retirement System now owns 442,374 shares of the company’s stock worth $1,323,000 after buying an additional 245,700 shares in the last quarter. Swiss National Bank acquired a new position in shares of Frontline during the fourth quarter worth approximately $1,367,000. Morgan Stanley boosted its position in shares of Frontline by 499.8% in the fourth quarter. Morgan Stanley now owns 471,214 shares of the company’s stock worth $1,408,000 after buying an additional 392,655 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in shares of Frontline by 16.2% in the fourth quarter. Marshall Wace LLP now owns 1,275,617 shares of the company’s stock worth $3,814,000 after buying an additional 177,371 shares during the last quarter.
Frontline Ltd. is a shipping company. The Company is engaged in the seaborne transportation of crude oil and oil products. The Company operates through the tankers segment. The tankers segment includes crude oil tankers and product tankers. The Company operates through subsidiaries and partnerships located in Bermuda, India, the Philippines, Liberia, Norway, the United Kingdom and Singapore.
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