BTIG raised the firm’s price target on Frontline (FRO) to $35 from $30 and keeps a Buy rating on the shares as part of a broader research note on Crude and Product Tanker names. Crude tanker spot rates have surprised to the upside with average VLCC – Very Large Crude Carrier – spot rates averaging $100K YTD, which is up almost 2-times versus the same period last year, the analyst tells investors in a research note.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FRO:
- Frontline Locks In High-Rate VLCC Charters While Maintaining Spot Market Upside
- Morning News Wrap-Up: Monday’s Biggest Stock Market Stories!
- Frontline Stock (FRO) Rallies on a Renewal Plan & an Analyst Upgrade
- Frontline upgraded to Buy from Neutral at Clarksons
- Frontline to sell eight oldest very large crude carriers for $831.5M