Frontline Plc (FRO)

Shares of Frontline Plc (FRO) dropped by 6.14% from $21.18 to $19.88 in the trading on Thursday, November 30, 2023. The reason why FRO is down today is due to disappointing quarterly earnings and missed revenue projections.

• Earnings Miss: Frontline reported earnings of $0.36 per share, falling short of the expected $0.46 per share. This represents a -21.74% earnings surprise and a consistent trend of missing consensus EPS estimates over the past year.
• Revenue Shortfall: The company's quarterly revenues of $232.03 million missed the Zacks Consensus Estimate by 7.30%, despite showing growth from the previous year's $208.84 million. This was the third time in the last four quarters that Frontline fell short of revenue expectations.

FRO is decreasing since OPEC's move to reduce oil production has led to widespread market volatility across various industries. This is evident from the impact observed in the stock markets for oil, electric vehicle, and oil tanker companies on Monday. The decline in oil production may hurt oil-dependent companies, but it could benefit the growth of electric vehicle companies in the long run as they promote alternative energy sources.

https://www.tipranks.com/news/tanker-stocks-plummet-on-opec-cuts

FRO is decreasing since OPEC's move to reduce oil production has led to widespread market volatility across various industries. This is evident from the impact observed in the stock markets for oil, electric vehicle, and oil tanker companies on Monday. The decline in oil production may hurt oil-dependent companies, but it could benefit the growth of electric vehicle companies in the long run as they promote alternative energy sources.

https://www.tipranks.com/news/tanker-stocks-plummet-on-opec-cuts