Frontline (NYSE:FRO) Shares Cross Above 200 Day Moving Average of $8.26

Posted by on Jun 21st, 2022

Frontline Ltd. (NYSE:FRO – Get Rating)’s share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $8.26 and traded as high as $8.80. Frontline shares last traded at $8.34, with a volume of 287,198 shares.

A number of analysts have commented on the company. Jefferies Financial Group assumed coverage on Frontline in a report on Wednesday, April 27th. They issued a “hold” rating for the company. StockNews.com raised Frontline from a “sell” rating to a “hold” rating in a report on Monday, June 6th. Finally, HC Wainwright lifted their target price on Frontline from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Wednesday, May 25th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $9.57.

The stock has a market capitalization of $1.70 billion, a PE ratio of -166.80 and a beta of 0.09. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 1.09. The stock has a 50 day moving average price of $9.06 and a 200-day moving average price of $8.26.

Frontline (NYSE:FRO – Get Rating) last released its quarterly earnings results on Tuesday, May 24th. The shipping company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). Frontline had a negative return on equity of 4.01% and a negative net margin of 1.15%. During the same period in the prior year, the company posted $0.04 EPS. Research analysts forecast that Frontline Ltd. will post 0.86 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Toroso Investments LLC lifted its position in Frontline by 5.0% during the fourth quarter. Toroso Investments LLC now owns 27,334 shares of the shipping company’s stock valued at $193,000 after purchasing an additional 1,311 shares in the last quarter. Cetera Investment Advisers lifted its position in shares of Frontline by 14.5% in the fourth quarter. Cetera Investment Advisers now owns 11,703 shares of the shipping company’s stock valued at $83,000 after acquiring an additional 1,479 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Frontline by 7.1% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 37,344 shares of the shipping company’s stock valued at $264,000 after acquiring an additional 2,490 shares in the last quarter. Beacon Capital Management Inc. purchased a new position in shares of Frontline in the first quarter valued at about $25,000. Finally, Morgan Stanley lifted its position in shares of Frontline by 1.0% in the third quarter. Morgan Stanley now owns 328,359 shares of the shipping company’s stock valued at $3,076,000 after acquiring an additional 3,401 shares in the last quarter. Institutional investors own 20.33% of the company’s stock.

About Frontline (NYSE:FRO)

Frontline Ltd., 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, 2021, 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 Hamilton, Bermuda.

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