Did Frontline plc (FRO) Close Shortened Trading Week Higher?

We recently published a list of 10 Firms Close Shortened Trading Week Higher. In this article, we are going to take a look at where Frontline plc (NYSE:FRO) stands against other firms close shortened trading week higher.

Wall Street’s main indices ended the shortened trading week in the red territory on Friday after labor market data came in much hotter than expected, fueling concerns that the Federal Reserve will not cut rates again.

Both the Dow Jones and the Nasdaq Composite dived by 1.63 percent, while the S&P 500 declined by 1.54 percent.

Meanwhile, 10 companies in the mixed sector posted notable gains amid fresh catalysts that perked up buying appetite. In this article, let’s explore the reasons behind their rally.

In Friday’s top advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A fleet of oil tankers sailing across the open sea under a clear sky.

Frontline plc (NYSE:FRO)

Oil tanker shipping firm Frontline plc (NYSE: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 plc (NYSE:FRO), 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.

Overall, FRO ranks 3rd on our list of firms close shortened trading week higher. While we acknowledge the potential of FRO as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than FRO but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.