Quarterly Profit: Frontline plc reported a second-quarter profit of $77.5 million, translating to 35 cents per share, which is a significant decline of 59% from 84 cents per share in the same quarter last year, although it shows an improvement from 15 cents in the first quarter of 2025.
Adjusted Profit: The adjusted profit stood at $80.4 million or 36 cents per share, falling short of analyst expectations of 47 cents per share.
Revenue Figures: The company generated revenue of $480.1 million, down 14% from $556.0 million year-over-year, yet it exceeded the consensus estimate of $309.85 million and increased from $427.9 million in the first quarter.
Earnings and Cash Flow
TCE Earnings: Average daily spot time charter equivalent (TCE) earnings were reported at $43,100 for VLCCs, $38,900 for Suezmax tankers, and $29,300 for LR2/Aframax tankers, contributing to total TCE earnings of $283.0 million, up from $241.1 million in the previous quarter.
Operating Cash Flow: For the first half of 2025, operating cash flow was $291.5 million, a decrease from $404.0 million in the same period last year.
Financial Position
Cash and Debt: As of June 30, 2025, Frontline had cash and cash equivalents of $476.7 million, an increase from $413.5 million at the end of 2024. The company’s total debt was reported at $3.59 billion, with $317.6 million in short-term debt and $3.27 billion in long-term borrowings.
Loan Facility: In April, Frontline secured a $1.29 billion senior secured term loan facility aimed at refinancing debt on 24 VLCCs.
Fleet and Dividends
Fleet Composition: The company’s fleet consisted of 81 owned vessels with a total capacity of 17.8 million DWT and an average age of 7.1 years, with four vessels under time charter-out contracts.
Dividend Declaration: A cash dividend of 36 cents per share was declared, payable on September 24, 2025, to shareholders of record on September 12, 2025.
Market Outlook
CEO Insights: CEO Lars H. Barstad noted the volatility in the second quarter due to geopolitical unrest affecting tanker trade. He mentioned that while OPEC's production cuts have led to modest export increases, domestic demand is expected to rise as fall approaches in the northern hemisphere.
Sanctions Impact: The ongoing sanctions from the U.S., G7, and EU, particularly against Russia, have created inefficiencies in oil trade, although there has been a gradual increase in utilization for compliant tanker trade.
Future Expectations: For the third quarter, Frontline anticipates that full-period spot TCEs will be lower than the currently contracted levels due to ballast days.
Stock Performance
Current Trading: Frontline shares were trading down by 0.48% to $20.62 in premarket activity.
FRO
$22.49+Infinity%1D
Analyst Views on FRO
Wall Street analysts forecast FRO stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for FRO is 23.57 USD with a low forecast of 14.72 USD and a high forecast of 30.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
4 Analyst Rating
Wall Street analysts forecast FRO stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for FRO is 23.57 USD with a low forecast of 14.72 USD and a high forecast of 30.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
3 Buy
0 Hold
1 Sell
Moderate Buy
Current: 22.750
Low
14.72
Averages
23.57
High
30.00
Current: 22.750
Low
14.72
Averages
23.57
High
30.00
Evercore ISI
NULL
to
Outperform
maintain
$22 -> $26
2025-10-28
Reason
Evercore ISI
Price Target
$22 -> $26
2025-10-28
maintain
NULL
to
Outperform
Reason
Evercore ISI raised the firm's price target on Frontline to $26 from $22 and keeps an Outperform rating on the shares. Heading into the winter season, which is traditionally a time for rising rates, the tanker market setup "looks promising," the analyst tells investors in a note on the group.
BTIG
Gregory Lewis
Buy
maintain
$25 -> $30
2025-09-17
Reason
BTIG
Gregory Lewis
Price Target
$25 -> $30
2025-09-17
maintain
Buy
Reason
BTIG analyst Gregory Lewis raised the firm's price target on Frontline to $30 from $25 and keeps a Buy rating on the shares. The firm is adjusting its model to reflect the company's modern VLCC, or Very Large Crude Carrier, heavy fleet, which should continue to outperform smaller tankers through the winter season, the analyst tells investors in a research note.
Evercore ISI Group
Jonathan Chappell
Buy
Maintains
$22 → $20
2025-04-22
Reason
Evercore ISI Group
Jonathan Chappell
Price Target
$22 → $20
2025-04-22
Maintains
Buy
Reason
Jefferies
Omar Nokta
Strong Buy
Maintains
$26 → $20
2024-12-17
Reason
Jefferies
Omar Nokta
Price Target
$26 → $20
2024-12-17
Maintains
Strong Buy
Reason
About FRO
FRONTLINE PLC is a Cyprus-based company primarily operating in the transportation sector. The Company's main focus is on seaborne transportation of crude oil and refined products. The Company owns and operates a fleet consisting of multiple VLCC, Suezmax and LR2 / Aframax tankers intended for freight of oil and cargo. The Company operates worldwide.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
