Frontline (NYSE:FRO) Cut to “Hold” at DNB Markets

Frontline (NYSE:FRO) was downgraded by research analysts at DNB Markets from a “buy” rating to a “hold” rating in a report released on Thursday, The Fly reports.

Several other research analysts have also recently issued reports on FRO. Evercore ISI cut shares of Frontline from an “in-line” rating to an “underperform” rating in a report on Wednesday, October 28th. BTIG Research cut shares of Frontline from a “buy” rating to a “neutral” rating in a report on Wednesday, October 21st. Jefferies Financial Group decreased their target price on shares of Frontline from $9.00 to $8.50 and set a “buy” rating for the company in a report on Wednesday. Zacks Investment Research cut shares of Frontline from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 27th. Finally, Danske cut shares of Frontline from a “buy” rating to a “hold” rating and set a $7.19 target price for the company. in a report on Tuesday. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $7.81.

NYSE:FRO opened at $6.76 on Thursday. Frontline has a one year low of $5.28 and a one year high of $13.33. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.70 and a quick ratio of 0.70. The company’s 50-day simple moving average is $6.36 and its 200 day simple moving average is $7.38. The firm has a market capitalization of $1.33 billion, a P/E ratio of 2.89 and a beta of 0.37.

Frontline (NYSE:FRO) last posted its quarterly earnings data on Tuesday, November 24th. The shipping company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.02). Frontline had a return on equity of 32.45% and a net margin of 35.02%. On average, equities research analysts expect that Frontline will post 2.28 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Independent Advisor Alliance increased its holdings in Frontline by 17.6% during the third quarter. Independent Advisor Alliance now owns 13,737 shares of the shipping company’s stock valued at $89,000 after buying an additional 2,055 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Frontline by 29.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,270 shares of the shipping company’s stock worth $65,000 after purchasing an additional 2,090 shares during the period. Pettinga Financial Advisors LLC boosted its position in shares of Frontline by 23.1% in the third quarter. Pettinga Financial Advisors LLC now owns 15,980 shares of the shipping company’s stock worth $104,000 after purchasing an additional 3,000 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of Frontline by 10.1% in the second quarter. Janney Montgomery Scott LLC now owns 33,344 shares of the shipping company’s stock worth $233,000 after purchasing an additional 3,060 shares during the period. Finally, tru Independence LLC bought a new position in shares of Frontline in the second quarter worth approximately $25,000. 26.01% of the stock is owned by hedge funds and other institutional investors.
Source: Marketbeat