Frontline Ltd. (NYSE:FRO) Cut to “Underperform” at Evercore ISI

Frontline Ltd. (NYSE:FRO) was downgraded by equities researchers at Evercore ISI from an “in-line” rating to an “underperform” rating in a report issued on Friday, July 21st, Marketbeat.com reports. They presently have a $4.00 target price on the shipping company’s stock, down from their previous target price of $6.00. Evercore ISI’s price objective suggests a potential downside of 20.32% from the stock’s previous close.

Other analysts have also issued research reports about the company. ValuEngine raised Frontline from a “hold” rating to a “buy” rating in a report on Saturday, July 8th. Seaport Global Securities raised Frontline from a “neutral” rating to a “buy” rating and set a $8.00 target price on the stock in a report on Wednesday, May 31st. Zacks Investment Research raised Frontline from a “sell” rating to a “hold” rating in a report on Thursday, May 11th. BidaskClub raised Frontline from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Finally, Credit Suisse Group decreased their price objective on Frontline from $8.00 to $6.00 and set a “neutral” rating on the stock in a report on Wednesday, May 31st. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. Frontline presently has an average rating of “Hold” and a consensus price target of $6.25.

Frontline (NYSE FRO) traded down 0.79% during mid-day trading on Friday, reaching $5.02. The company’s stock had a trading volume of 445,130 shares. Frontline has a 1-year low of $5.00 and a 1-year high of $8.90. The firm has a 50-day moving average of $5.71 and a 200 day moving average of $6.27. The firm has a market capitalization of $852.44 million, a price-to-earnings ratio of 13.11 and a beta of 1.97.

Frontline (NYSE:FRO) last released its earnings results on Tuesday, May 30th. The shipping company reported $0.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.04. The firm had revenue of $121.94 million for the quarter, compared to analyst estimates of $103.70 million. Frontline had a return on equity of 8.76% and a net margin of 9.25%. Equities analysts expect that Frontline will post $0.05 earnings per share for the current year.

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Hedge funds have recently made changes to their positions in the company. Mackenzie Financial Corp bought a new position in Frontline during the first quarter valued at approximately $101,000. Legal & General Group Plc increased its position in Frontline by 3.8% in the first quarter. Legal & General Group Plc now owns 16,056 shares of the shipping company’s stock valued at $108,000 after buying an additional 581 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Frontline by 426.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,564 shares of the shipping company’s stock valued at $112,000 after buying an additional 13,420 shares during the period. Aperio Group LLC bought a new position in Frontline during the second quarter valued at approximately $124,000. Finally, KCG Holdings Inc. increased its position in Frontline by 40.3% in the first quarter. KCG Holdings Inc. now owns 25,073 shares of the shipping company’s stock valued at $169,000 after buying an additional 7,205 shares during the period. 11.57% of the stock is currently owned by institutional investors.

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