Frontline Ltd. (FRO) is a company focused on the transportation of oil-related products globally via the sea route. The company possesses oil tankers for this purpose. It is also engaged in the acquisition and sale of vessels.
The price of FRO stock on March 7, 2022, regular trading was $10.3 with a significant incline of 9.43%. Its stock dropped by 7.84%, at the last check of the premarket of March 8, 2022.
FRO: Events and Happenings
On March 7, 2022, FRO reported appointing Jens Martin as the company’s Director. He joined the company on March 1, 2022, and served as the CEO of Athenian Holdings previously.
FRO: Key Financials
On February 17, 2022, FRO released its unaudited financials for the fourth quarter of 2021 ended December 31, 2021. Some of the key features are mentioned below.
Revenue
Total operating revenue in Q4 2021 was $213.5 million compared to $174.8 million for the corresponding quarter in 2020. The company recorded an improvement of $38.6 million in total operating revenues YoY. Also, it topped the revenue estimates of the analysts by $196.3 million.
EPS
Basic and diluted net income per share in the fourth fiscal quarter of 2021 was $19.7 million or $0.10 corresponding to a net loss of $9.17 million or $0.05 in the comparable period in 2020. The company observed a substantial increase in its EPS YoY.
On December 7, 2021, FRO announced the grant of 1,280,000 synthetic options (having a five-year term) to its board members and employees. The options will vest over a three-year vesting period. On November 22, 2021, FRO updated on its entry into a deal with SFL Tanker Holding Ltd. to sell four of its LR2 scrubber fitted tankers for a price of $160.0 million to SFL. The delivery of the vessels took place in Q4 2021 and Q1 2022. The transaction generated gross cash proceeds of up to $67.0 million.
Conclusion
FRO stock outpaced in the previous year as its stock is 45% up in the period. The current premarket stock drop came after the company announced the changes in its Board composition. For the first quarter of 2021, the company expects revenue of $103.3 million against -$0.05 EPS.
