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$FRO

8 stories mentioning FROUpdated 41d ago

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Oil & Energy

Update: Market Chatter: Adnoc Acquires 5 Very Large Crude Carriers from Frontline

(Updates With Adnoc's response in the fourth paragraph.)UAE's Adnoc has purchased five very large crude carriers for about $590 million expanding its shipping fleet, Reuters reported Friday citing sources.According to the report, the transaction features two 2012-built vessels purchased for about $115 million each, alongside three ships built in 2015 acquired for about $120 million each.The five VLCCs were bought by Adnoc Logistics and Services from major tanker shipping company Frontline (FRO), the report added.Adnoc Logistics and Services declined to comment to, while Frontline did not respond.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Wire

Market Chatter: Frontline Sells Five Tankers to ADNOC

Frontline (FRO) has recently sold five very large crude carriers to Abu Dhabi National Oil Co. for around $590 million, Reuters reported Friday, citing three sources familiar with the matter.The transaction includes two vessels built in 2012 and three from 2015, the report said.Frontline and Abu Dhabi National Oil did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $39.46, Change: $+0.36, Percent Change: +0.92%

$FRO
Oil & Energy

Market Chatter: Adnoc Acquires 5 Very Large Crude Carriers from Frontline

UAE's Adnoc has purchased five very large crude carriers for about $590 million expanding its shipping fleet, Reuters reported Friday citing sources.According to the report, the transaction features two 2012-built vessels purchased for about $115 million each, alongside three ships built in 2015 acquired for about $120 million each.The five VLCCs were bought by Adnoc Logistics and Services from major tanker shipping company Frontline (FRO), the report added.Adnoc did not respond to' request for comment while Frontline could not be reached.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$FRO
Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks advanced late Friday afternoon, with the NYSE Energy Sector Index increasing 0.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.6%.The Philadelphia Oil Service Sector Index was shedding 0.2%, and the Dow Jones US Utilities Index was up 0.8%.Front-month West Texas Intermediate crude oil rose 0.4% to $96.77 a barrel, and the global benchmark Brent crude contract rose 1.3% to $103.93 a barrel. Henry Hub natural gas futures fell 3.6% to $2.91 per 1 million BTU.In sector news, Intercontinental Exchange (ICE) and OKX said Friday that they are collaborating to launch perpetual futures contracts tied to oil benchmarks. The new perpetual futures contracts will be underpinned by Intercontinental Exchange's Brent Crude and WTI Crude energy benchmarks, the companies said.In corporate news, American Resources' (AREC) minority holding ReElement Technologies formed a joint venture with Posco International to build rare earth and permanent magnet production facilities in the US, the company said Friday. American Resources shares were down 0.2%.Matador Resources (MTDR) shares added 1.2% after the company said Thursday it acquired 5,154 net undeveloped acres in the Delaware Basin for about $1.14 billion in a recent Bureau of Land Management oil and gas lease sale.TotalEnergies (TTE) is considering selling a 50% stake in a portfolio of European renewable energy assets, Bloomberg reported. TotalEnergies shares were down 0.7%.Frontline (FRO) shares fell 3.5% after the company reported Q1 adjusted earnings below analyst expectations.

$AREC$FRO$MTDR$TTE
Sectors

Sector Update: Energy Stocks Mixed Friday Afternoon

Energy stocks were mixed Friday afternoon, with the NYSE Energy Sector Index decreasing 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.2%.The Philadelphia Oil Service Sector Index was shedding 0.3%, and the Dow Jones US Utilities Index was up 0.6%.Front-month West Texas Intermediate crude oil was falling 1.3% to $95.07 a barrel, and the global benchmark Brent crude contract was decreasing 0.1% to $102.48 a barrel. Henry Hub natural gas futures fell 4.2% to $2.89 per 1 million BTU.In sector news, Intercontinental Exchange (ICE) and OKX said Friday that they are collaborating to launch perpetual futures contracts tied to oil benchmarks. The new perpetual futures contracts will be underpinned by Intercontinental Exchange's Brent Crude and WTI Crude energy benchmarks, the companies said.In corporate news, Matador Resources (MTDR) shares added 0.5% after the company said Thursday it acquired 5,154 net undeveloped acres in the Delaware Basin for about $1.14 billion in a recent Bureau of Land Management oil and gas lease sale.TotalEnergies (TTE) is considering selling a 50% stake in a portfolio of European renewable energy assets, Bloomberg reported. TotalEnergies shares were down 1.3%.Frontline (FRO) shares fell 3.3% after the company reported Q1 adjusted earnings below analyst expectations.

$FRO$MTDR$TTE
Wire

Update: Frontline Shares Fall After Q1 Adjusted Earnings Miss Estimates

(Updates with share movement in the headline and first paragraph)Frontline (FRO) shares were down 2.3% in Friday trading after the company reported Q1 adjusted earnings below analyst expectations.The company reported Q1 adjusted earnings Friday of $1.55 per diluted share, up from $0.18 a year earlier.Analysts polled by FactSet expected $1.65.Total revenue and other operating income for the quarter ended March 31 were $929.3 million, up from $428.1 million a year ago.Analysts surveyed by FactSet expected $579.6 million.Price: $37.56, Change: $-0.90, Percent Change: -2.34%

$FRO
Sectors

Sector Update: Energy Stocks Advance Premarket Friday

Energy stocks were advancing premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) up 0.4%.The United States Oil Fund (USO) was down 1.4% and The United States Natural Gas Fund (UNG) was 1.5% lower.Front-month US West Texas Intermediate crude oil was 0.3% higher at $96.66 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 0.9% to reach $103.49 per barrel, and natural gas futures were down 2.3% at $2.95 per 1 million British Thermal Units.TotalEnergies (TTE) is considering selling a 50% stake in a portfolio of European renewable energy assets, Bloomberg reported Friday, citing unnamed people familiar with the matter. TotalEnergies shares were down nearly 2% pre-bell.EU antitrust regulators will decide by June 26 whether to approve or further investigate Baker Hughes' (BKR) proposed $13.60 billion acquisition of Chart Industries (GTLS), Reuters reported, citing European Commission filing. Baker Hughes stock was 0.1% lower premarket.Frontline (FRO) shares were down 0.7% even after the company posted higher Q1 adjusted earnings and revenue.

$BKR$FRO$GTLS$TTE$UNG$USO$XLE
Research

Evercore ISI Downgrades Frontline to In Line From Outperform, Cuts Price Target to $38 From $46

Frontline (FRO) has an average rating of overweight and mean price target of $39.29, according to analysts polled by FactSet.

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