Frontline PLC

Frontline Plc (NYSE: FRO) is a Cyprus-incorporated shipping company engaged in the global transportation of crude oil and refined petroleum products. The company owns and operates a diversified fleet of tankers, including Very Large Crude Carriers (VLCCs), Suezmax, and LR2/Aframax vessels, which are deployed for the seaborne movement of oil and related cargo worldwide.

As per Kalkine’s Dividend Income Report published on ‘FRO’ on Feb 11, 2026, Kalkine provided an ‘Buy’ stance on the stock at USD 29.05 based on fundamental analysis and the stock price has now moved up by ~ 14.56% since then.

Noted below are the details of support and resistance levels provided in our previous report:

Rationale:

Despite reporting solid profitability, strong spot TCE rates, structural cost improvements, and elevated cash flow generation, the investment case remains heavily exposed to the inherently cyclical tanker market. Current earnings and implied free cash flow yields are anchored to multi-year high freight rates, which are historically volatile and susceptible to shifts in oil demand, trade flows, sanctions dynamics, and fleet supply additions. The company’s high spot market exposure, while beneficial in an upcycle, amplifies downside risk if rates normalize. Additionally, asset price appreciation and second-hand gains reflect peak-cycle conditions that may not be sustainable.

Valuation (Using Price/Earnings Multiple)

Share Price Chart 

Conclusion

With freight rates & asset values hovering near cyclical highs, and sensitivity to macro variables, a "Sell" recommendation on Frontline PLC (NYSE: FRO) has been given at the closing market price of USD 33.28 as on 18 February 2026.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 18 February 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.