Frontline (NYSE:FRO) Announces Earnings Results

Frontline (NYSE:FRO) announced its earnings results on Friday. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 analysts’ expectations of $273.16 million. During the same quarter last year, the firm earned $0.46 EPS. The business’s revenue for the quarter was up 2.6% on a year-over-year basis.

Frontline Stock Performance

Shares of NYSE FRO traded up $0.76 during midday trading on Friday, reaching $16.07. The company 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 business’s 50-day simple moving average is $16.46 and its 200 day simple moving average is $19.23. Frontline has a 1 year low of $13.17 and a 1 year high of $29.39. The stock has a market cap of $3.58 billion and a P/E ratio of 6.56.

Analysts Set New Price Targets

FRO has been the subject of a number of analyst reports. Jefferies Financial Group decreased their price objective on Frontline from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. Kepler Capital Markets downgraded shares of Frontline from a “buy” rating to a “hold” rating and set a $15.83 price objective on the stock. in a research report on Thursday, December 12th. 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 stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus 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.