These 10 Firms Led This Week’s Rally

4. Frontline Plc (NYSE:FRO)

Oil shipping giant Frontline Plc (FRO) rose by 17.61 percent week-on-week, finishing at $17.23 on Friday as compared with the $14.65 close the week prior as traders bought up shares after President Joe Biden announced the imposition of taxes on the Russian energy sector and its shadow fleet of oil tankers.

Frontline plc (FRO), the world’s largest oil tanker based in Cyprus, stands to benefit from the new Russia tariffs, on expectations that oil buyers will look elsewhere for 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.