Equities research analysts at FBR Capital (NASDAQ: FBCM) lowered their price target on shares of Frontline Ltd. (NYSE: FRO) from $28.00 to $8.00 in a research note to investors on Monday. The analysts currently have a "market perform" rating on the stock.
Separately, analysts at Jefferies downgraded shares of Frontline Ltd. from a "buy" rating to a "hold" rating in a research note to investors on Wednesday, August 3rd. They now have a $10.00 price target on the stock, down previously from $20.00. Also, analysts at Deutsche Bank (NYSE: DB) cut their price target on shares of Frontline Ltd. from $22.00 to $16.00 in a research note to investors on Tuesday, August 2nd. They now have a "buy" rating on the stock.
Shares of Frontline Ltd. opened at 6.48 on Tuesday. Frontline Ltd. has a 52 week low of $6.18 and a 52 week high of $29.47. The stock's 50-day moving average is $9.56 and its 200-day moving average is $18.50. The company has a market cap of $504.5 million and a price-to-earnings ratio of 5.19.
Frontline Ltd. last announced its quarterly results on Friday, August 26th. The company reported ($0.45) earnings per share (EPS) for the previous quarter, missing the Thomson Reuters consensus estimate of ($0.38) EPS by $0.07. The company’s quarterly revenue was down 38.4% on a year-over-year basis. On average, analysts predict that Frontline Ltd. will post $0.00 EPS next quarter.
Frontline Ltd. is a shipping company. The Company is engaged primarily in the ownership and operation of oil tankers and oil/bulk/ore (OBO) carriers, which are configured to carry dry cargo. It operates oil tankers of two sizes: very large crude carriers (VLCCs), which are between 200,000 and 320,000 deadweight tons (dwt) and Suezmaxes, which are vessels between 120,000 and 170,000 dwt. It operates through subsidiaries and partnerships located in the Bahamas, Bermuda, the Cayman Islands, the Isle of Man, Liberia, Norway, the United Kingdom and Singapore. It is also involved in the charter, purchase and sale of vessels. As of December 31, 2009, the Company’s tanker fleet consisted of 76 vessels. The fleet consists of 41 VLCCs, which are either owned or chartered in, 27 Suezmax tankers, which are either owned or chartered in and eight Suezmax OBOs, which are chartered in.
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