Frontline Ltd to Post FY2018 Earnings of ($0.14) Per Share, Seaport Global Securities Forecasts (FRO)
Frontline Ltd (NYSE:FRO) – Stock analysts at Seaport Global Securities boosted their FY2018 earnings estimates for Frontline in a research note issued to investors on Sunday, November 18th. Seaport Global Securities analyst M. Fyhr now expects that the shipping company will earn ($0.14) per share for the year, up from their prior estimate of ($0.35). Seaport Global Securities also issued estimates for Frontline’s Q4 2018 earnings at ($0.15) EPS, Q1 2019 earnings at $0.22 EPS, Q3 2019 earnings at ($0.06) EPS, Q4 2019 earnings at $0.33 EPS and FY2019 earnings at $0.51 EPS.
A number of other equities analysts also recently issued reports on the company. Jefferies Financial Group started coverage on Frontline in a research note on Monday, October 1st. They set a “hold” rating and a $6.00 target price for the company. BTIG Research started coverage on Frontline in a research note on Thursday, September 27th. They set a “neutral” rating for the company. Deutsche Bank increased their target price on Frontline from $5.00 to $6.00 and gave the stock a “hold” rating in a research note on Tuesday, August 28th. ValuEngine raised Frontline from a “strong sell” rating to a “sell” rating in a research note on Tuesday, July 24th. Finally, Morgan Stanley increased their target price on Frontline from $5.00 to $6.00 and gave the stock a “hold” rating in a research note on Monday. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $6.00.
Frontline (NYSE:FRO) last issued its earnings results on Friday, November 16th. The shipping company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.08. The business had revenue of $89.21 million during the quarter, compared to the consensus estimate of $79.90 million. Frontline had a negative return on equity of 3.85% and a negative net margin of 40.17%. During the same period in the prior year, the business posted ($0.08) EPS.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teachers Advisors LLC increased its stake in Frontline by 10.4% in the 3rd quarter. Teachers Advisors LLC now owns 156,779 shares of the shipping company’s stock valued at $911,000 after purchasing an additional 14,815 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in Frontline by 12.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 142,463 shares of the shipping company’s stock valued at $832,000 after purchasing an additional 15,600 shares in the last quarter. Creative Planning increased its stake in Frontline by 37.4% in the 2nd quarter. Creative Planning now owns 63,300 shares of the shipping company’s stock valued at $370,000 after purchasing an additional 17,240 shares in the last quarter. Paloma Partners Management Co purchased a new position in Frontline in the 3rd quarter valued at approximately $106,000. Finally, Macquarie Group Ltd. purchased a new position in Frontline in the 3rd quarter valued at approximately $114,000. 16.85% of the stock is owned by hedge funds and other institutional investors.
Frontline Company Profile
Frontline Ltd., a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. As of December 31, 2017, the company's fleet consisted of 61 vessels, including VLCC, Suezmax, and LR2/Aframax tankers with an aggregate capacity of approximately 11.6 million deadweight ton.
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