Analysts Issue Frontline Research Notes
Bermuda’s Frontline – which announced last week it would seek new funding to help the company through an industry-wide slump — had its stock’s “hold” rating reaffirmed by equities research analysts at Jefferies in a research note issued to investors on Wednesday [Nov. 23].
Separately, analysts at Evercore Partners cut their price target on shares of Frontline to $2.50 in a research note to investors on Wednesday. Analysts at Morgan Stanley reiterated an “equal weight” rating on shares of Frontline in a research note to investors on Wednesday. They now have a $6.00 price target on the stock.
Also, analysts at FBR Capital (NASDAQ: FBCM) downgraded shares of Frontline from a “market perform” rating to an “underperform” rating in a research note to investors on Wednesday. They now have a $1.50 price target on the stock.
Frontline Ltd. is a Bermuda-headquartered 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 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.
