Frontline (NYSE:FRO) Announces Earnings Results

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

Frontline Price Performance

FRO traded up $0.76 during trading on Friday, hitting $16.07. The company’s stock had a trading volume of 3,967,532 shares, compared to its average volume of 3,645,962. 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 firm has a market capitalization of $3.58 billion and a price-to-earnings ratio of 6.56. The business’s fifty day simple moving average is $16.46 and its 200 day simple moving average is $19.23. Frontline has a twelve month low of $13.17 and a twelve month high of $29.39.

Analysts Set New Price Targets

Several research analysts recently issued reports on FRO shares. Jefferies Financial Group reduced their target price on shares of Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Kepler Capital Markets cut Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective for the company. in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Frontline currently has a consensus rating of “Moderate Buy” and an average target price of $24.03.

About Frontline

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.