UP!

FRO $23.28

FRO target price
23.28
0
0
Frontline Ltd.
Type
Publicly traded limited company
Traded as OSE: FRO, NYSE: FRO
Industry Oil tanker shipping
Founded 1985
Headquarters Hamilton, Bermuda
Key people
John Fredriksen (Chairman and CEO)
Revenue US$1.165 billion (2010)
Operating income
US$307.9 million (2010)
Profit US$161.4 million (2010)
Total assets US$3.798 billion (end 2010)
Total equity US$759.0 million (end 2010)
Number of employees
70 (end 2010)
Website frontline.bm

Frontline Ltd. is the world's largest oil tanker shipping company, based in Hamilton, Bermuda and controlled by John Fredriksen. Its primary business is transporting crude oil. As of 2008 the company had one of the world's largest tanker fleets consisting of VLCC, Suezmax and Suezmax OBO carriers (82 tankers in total with 18 more on order).

Frontline has its origin in Frontline AB, which was founded in 1985, and which was listed on the Stockholm Stock Exchange from 1989 to 1997. Hemen Holding (a company indirectly controlled by the largest shareholder and chairman of Frontline, John Fredriksen) became the largest shareholder of Frontline in 1996. In May 1997, a decision was made at the general meeting in Frontline AB to change its domicile from Sweden to Bermuda and to list its shares on the Oslo Stock Exchange. The change of domicile was executed through a share for share exchange offer from the then newly formed Frontline in Bermuda.

Under Fredriksen the company absorbed several other companies: London and Overseas Freighters (1997), ICB (1999), and Golden Ocean (2000). These takeovers made Frontline the world's largest tanker company, a position it has retained to the present day.

As of 31 December 2010, Frontline's tanker and OBO fleet consisted of 73 vessels. The fleet consists of 44 VLCCs, which are either owned or chartered in, 21 Suezmax tankers which are either owned or chartered in and eight Suezmax OBOs which are chartered in. Frontline also had five VLCC newbuildings and two Suezmax newbuildings on order and three VLCCs under their commercial management. The company's largest shareholder is Hemen Holding Ltd., a company indirectly controlled by the chairman of Frontline, billionaire John Fredriksen, Norway's highest net worth person.

The freight market is very volatile, with standard deviations of up to 70%. From an options perspective, this is a possibility for a very large up and downside—part of this downside can be hedged away via freight derivatives. AG-Japan clean and dirty are the most liquid routes traded in the derivatives market. Frontline has a very high dividend yield, both in cash and in Ship Finance (SFL) stocks; for example, in late 2007 its annual dividend ran between 12 and 18%, depending on the fluctuating share price. SFL is an offshoot of Frontline; the offshoot is estimated to have generated 25% gains to shareholders due to the different risk in Frontline and SFL. Golden Ocean Group (GOGL), a dry bulk carrier firm, was also spun off of Frontline and listed on the Oslo Stock Exchange. GOGL is a volatile stock, and as with Frontline, dry freight derivatives are available. In 2006, Frontline started a new Floating Production Storage and Offloading (FPSO) project, Sea Production.

In June 2007, Frontline sold its entire holding of 25,500,000 shares in Sea Production. The sale of the shares was in line with Frontline's strategy to remain a pure crude oil transportation company. Frontline and Sea Production will continue a strategic partnership with respect to conversion of crude oil tankers into oil storage and production units.

John Fredriksen retained the title as the most influential person in the world shipping industry in TradeWinds Power 2012 list.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q3 2022 2022-11-30 Future report Set alerts
Q2 2022 2022-08-25 0.21 0.21
Q1 2022 2022-05-24 -0.01 -0.01
Q4 2021 2022-02-17 -0.02 -0.02
Q3 2021 2021-11-29 -0.17 -0.17
Q2 2021 2021-08-26 -0.12 -0.12
Q1 2021 2021-05-27 0.05 0.05
Q4 2020 2021-02-19 -0.10 -0.10
Q2 2020 2020-08-27 1.05 1.01
Q1 2020 2020-05-20 0.91 0.84

Ratings

2016-06-17 Reiterated Rating Clarkson Capital Buy
2016-06-01 Reiterated Rating Morgan Stanley Hold
2016-05-31 Reiterated Rating Credit Suisse Hold
2016-05-31 Reiterated Rating Credit Suisse Group AG Hold
2016-05-04 Initiated Coverage Seaport Global Securities Buy to Neutral $23.00 to $9.00
2016-02-16 Upgrade Clarkson Capital Neutral to Buy
2016-02-09 Upgrade Clarkson Capital Neutral to Buy
2016-01-14 Upgrade Nordea Equity Research Hold to Buy
2016-01-13 Upgrade DNB Markets Hold to Buy
2016-01-04 Reiterated Rating Deutsche Bank Hold $10.00 to $15.00
2016-01-04 Reiterated Rating Deutsche Bank AG Hold $10.00 to $15.00
2015-12-17 Initiated Coverage Seaport Global Securities Buy $25.00
2015-11-25 Upgrade Credit Suisse Underperform to Neutral $10.00 to $20.00
2015-06-01 Upgrade Nordea Equity Research Sell to Hold
2015-06-01 Upgrade Evercore ISI Sell to Hold $10.00 to $15.00
2015-05-27 Upgrade Morgan Stanley Underweight to Equal Weight $12.50 to $15.00
2015-02-20 Initiated Coverage Global Hunter Securities Accumulate
2015-02-20 Initiated Coverage Seaport Global Securities Accumulate
2015-01-21 Downgrade Nordea Equity Research Hold to Sell $6.60 to $7.90
2015-01-08 Upgrade Clarkson Capital Hold
2014-11-25 Upgrade Nordea Equity Research Strong Sell to Hold
2014-10-03 Downgrade Nordea Equity Research Sell to Strong Sell
2014-09-18 Initiated Coverage Clarkson Capital Sell
2014-09-15 Initiated Coverage Deutsche Bank Hold $10.00
2014-08-29 Lower Price Target Clarkson Capital $12.50
2014-07-28 Boost Price Target Jefferies Group Hold $12.50 to $15.00
2014-05-28 Lower Price Target Jefferies Group $20.00 to $12.50
2014-05-28 Boost Price Target Deutsche Bank Hold $5.00 to $10.00
2014-02-28 Upgrade Deutsche Bank Sell to Hold
2014-02-28 Upgrade Nordea Equity Research Strong Sell to Sell
2014-01-23 Upgrade DNB Markets Sell to Hold
2013-09-24 Initiated Coverage Imperial Capital Underperform $1.75
2013-07-19 Upgrade Global Hunter Securities Sell to Neutral $0.50
2013-02-26 Initiated Imperial Capital Underperform $1
2012-07-20 Initiated Imperial Capital Underperform $2.50
2012-05-30 Downgrade Deutsche Bank Hold to Sell $6 to $2
2012-03-28 Upgrade Dahlman Rose Hold to Buy $9.50
2012-01-04 Upgrade Dahlman Rose Sell to Hold
2011-12-07 Reiterated FBR Capital Underperform $1.50 to $4.20
2011-11-23 Downgrade FBR Capital Mkt Perform to Underperform $1.50
2011-11-22 Reiterated Dahlman Rose Sell $3.50 to $2
2011-10-06 Downgrade Dahlman Rose Hold to Sell
2011-08-29 Reiterated FBR Capital Mkt Perform $28 to $8
2011-08-10 Downgrade FBR Capital Outperform to Mkt Perform
2011-08-02 Reiterated Deutsche Bank Buy $22 to $16
2011-05-26 Reiterated FBR Capital Outperform $40 to $28
2011-01-12 Downgrade Dahlman Rose Buy to Hold
2010-11-29 Reiterated FBR Capital Outperform $44 to $40
2016-06-17 Reiterated Rating Clarkson Capital Buy
2016-06-01 Reiterated Rating Morgan Stanley Hold
2016-05-31 Reiterated Rating Credit Suisse Hold
2016-05-31 Reiterated Rating Credit Suisse Group AG Hold
2016-05-04 Initiated Coverage Seaport Global Securities Buy to Neutral $23.00 to $9.00

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks