Frontline (NYSE:FRO) Posts Earnings Results, Hits Expectations

Frontline (NYSE:FRO) issued its quarterly earnings results on Friday. The shipping company reported $0.20 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.20, Zacks reports. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The business had revenue of $425.60 million for the quarter, compared to analyst estimates of $273.16 million. During the same quarter in the previous year, the firm earned $0.46 earnings per share. The company’s revenue was up 2.6% on a year-over-year basis.

Frontline Stock Performance

NYSE FRO traded up $0.83 on Friday, reaching $16.14. 2,761,802 shares of the company’s stock traded hands, compared to its average volume of 3,612,393. Frontline has a fifty-two week low of $13.17 and a fifty-two week high of $29.39. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.43 and a current ratio of 1.43. The firm has a market cap of $3.59 billion and a price-to-earnings ratio of 6.58. The stock has a 50 day moving average price of $16.41 and a 200-day moving average price of $19.28.

Wall Street Analyst Weigh In

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