Shares of shipping company Frontline plc. (NYSE:FRO) are tanking today after it announced first-quarter numbers.
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Revenue surged 128.7% year-over-year to $497.3 million, outperforming estimates by $144.6 million. EPS at $0.87 though missed expectations by about $0.08. In Q1, spot TCEs for VLCCs, Suezmax tankers, and LR2/Aframax tankers stood at $52,500, $64,000, and $56,300 a day, respectively.
Looking ahead, for Q2, the company expects spot TCE (load-to-discharge basis) for VLCCs, Suezmax tankers, and LR2/Aframax tankers at $75,000, $65,000, and $65,700 respectively.
Overall, the Street has a $22.67 consensus price target on FRO alongside a Moderate Buy consensus rating.
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