10 Firms Close Shortened Trading Week Higher

3. Frontline Plc (NYSE:FRO)

Oil tanker shipping firm Frontline Plc (FRO) rose by 8.84 percent to end the day at $17.23 apiece as investors took heart from news that outgoing president Joe Biden taxes on the Russian energy sector and its shadow fleet of oil tankers.

Frontline, the world’s largest oil tanker based in Cyprus, stands to benefit from the new tariffs on Russian firms, with oil buyers expected to look elsewhere for oil supply. Other oil-producing countries such as the Middle East and Africa, may step in to fill the gap left by Russian exports.

In other news, Frontline recently earned a “strong buy” rating from Fearnley Fonds.

Jefferies Financial Group, while lowering its target price on Frontline (FRO) shares from $26.00 to $20.00, has set a “buy” rating on the stock, indicating a positive outlook.

Finally, BTIG Research upgraded Frontline (FRO) from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company.