Frontline Ltd. (NYSE:FRO) Stock Rating Lowered by Evercore ISI

Frontline Ltd. (NYSE:FRO) was downgraded by analysts at Evercore ISI from an “in-line” rating to an “underperform” rating in a research report issued to clients and investors on Friday, July 21st, Marketbeat.com reports. They currently have a $4.00 price target on the shipping company’s stock, down from their previous price target of $6.00. Evercore ISI’s price objective indicates a potential downside of 26.74% from the company’s previous close.

A number of other brokerages also recently weighed in on FRO. Zacks Investment Research raised shares of Frontline from a “sell” rating to a “hold” rating in a report on Thursday, May 11th. BidaskClub raised shares of Frontline from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. ValuEngine downgraded shares of Frontline from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Credit Suisse Group cut their price target on shares of Frontline from $8.00 to $6.00 and set a “neutral” rating for the company in a report on Wednesday, May 31st. Finally, Seaport Global Securities raised shares of Frontline from a “neutral” rating to a “buy” rating and set a $8.00 price target for the company in a report on Wednesday, May 31st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $6.25.

Frontline (NYSE FRO) opened at 5.46 on Friday. The stock has a 50 day moving average of $5.77 and a 200-day moving average of $6.35. The company has a market cap of $927.16 million, a PE ratio of 14.26 and a beta of 1.97. Frontline has a 1-year low of $5.35 and a 1-year high of $8.90.

Frontline (NYSE:FRO) last issued its quarterly earnings results on Tuesday, May 30th. The shipping company reported $0.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.04. Frontline had a net margin of 9.25% and a return on equity of 8.76%. The company had revenue of $121.94 million during the quarter, compared to the consensus estimate of $103.70 million. On average, equities research analysts predict that Frontline will post $0.05 earnings per share for the current year.

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A number of institutional investors have recently modified their holdings of FRO. Evermore Global Advisors LLC increased its position in shares of Frontline by 50.4% in the second quarter. Evermore Global Advisors LLC now owns 3,866,992 shares of the shipping company’s stock valued at $22,158,000 after buying an additional 1,295,829 shares during the last quarter. Lingohr & Partner Asset Management GmbH increased its position in shares of Frontline by 38.1% in the first quarter. Lingohr & Partner Asset Management GmbH now owns 1,666,000 shares of the shipping company’s stock valued at $11,229,000 after buying an additional 460,019 shares during the last quarter. Boston Partners bought a new position in shares of Frontline during the first quarter valued at approximately $2,231,000. DekaBank Deutsche Girozentrale bought a new position in shares of Frontline during the second quarter valued at approximately $1,016,000. Finally, Engineers Gate Manager LP increased its position in shares of Frontline by 372.9% in the first quarter. Engineers Gate Manager LP now owns 128,761 shares of the shipping company’s stock valued at $868,000 after buying an additional 101,531 shares during the last quarter. 10.92% of the stock is owned by institutional investors and hedge funds.

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