Investing in Frontline Ltd. [FRO]: What You Must Know


As published in a research note from Jefferies on September 06, 2022, Frontline Ltd. [FRO] has been rated up from a Hold to a Buy and the price target has been revised to $16 from $11. This represents a -12.19% premium over Thursday’s closing price. Analysts at Jefferies started covering the stock with ‘”a Hold”‘ outlook in a report released in late July. Earlier on May 25, 2021, Evercore ISI upgraded its rating. Their new recommendation was “an Outperform” for FRO stock which previously was a “an In-line”.

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Analyzing FRO Stock Performance

On Thursday, Frontline Ltd. [NYSE: FRO] rose 5.46% to $17.95. The stock’s lowest price that day was $17.37, but it reached a high of $18.09 in the same session. During the last five days, there has been a surge of approximately 2.63%. Over the course of the year, Frontline Ltd. shares have jumped approximately 47.86%. Shares of the company reached a 52-week high of $18.09 on 02/23/23 and a 52-week low of $10.55 on 01/04/23. A 50-day SMA is recorded $14.09, while a 200-day SMA reached $11.86. Nevertheless, trading volume fell to 3.09 million shares from 2.64 million shares the previous day.

Support And Resistance Levels for Frontline Ltd. (FRO)

According to the 24-hour chart, there is a support level at 17.52, which, if violated, would cause prices to drop to 17.08. In the upper region, resistance lies at 18.24. The next price resistance is at 18.52. RSI (Relative Strength Index) is 74.08 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.81, which suggests the price will decrease in the coming days. Percent R is at 3.85%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

Is Frontline Ltd. subject to short interest?

Stocks of Frontline Ltd. saw a sharp steep in short interest on Jan 30, 2023 dropping by -11.42 million shares to 15.2 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 26.62 million shares. A decline of -75.13% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.5 of the overall float, the days-to-cover ratio (short ratio) decline to 2.5.

Which companies own the most shares of Frontline Ltd. (FRO)?

According to Folketrygdfondet filings, the company currently owns 9,034,146 shares, which is about 4.06% of the total FRO shares outstanding. The investor’s shares have plunged by -892,857 from its previous 13-F filing of 9927003.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $76,718,219. Two Sigma Investments LP acquire a 72.02% interest valued at $71.0 million while Millennium Management LLC purchased a 2,271,724 stake. A total of 1,726,220 shares of Frontline Ltd. were bought by Two Sigma Advisers LP during the quarter, and 92,027 were bought by The Vanguard Group, Inc. In its current portfolio, Antipodes Partners Ltd. holds 3,694,036 shares valued at $51.09 million.

In terms of Frontline Ltd. share price expectations, FactSet research, analysts set an average price target of $20.22 in the next 12 months, up nearly 17.69% from the previous closing price of $17.02. Analysts anticipate Frontline Ltd. stock to reach $27.31 by 2023, with the lowest price target being $15.89. In spite of this, 12 analysts ranked Frontline Ltd. stock as an Overweight at the end of 2023. On March 29, 2021, H.C. Wainwright assigned a price target of “a Neutral” to the stock and initiated coverage with a $8.


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