Frontline PLC (FRO) Jumps 9.5% on Venezuela Oil Seizure

We recently published 10 Stocks With Massive Gains; 5 at Record Highs. Frontline plc (NYSE:FRO) was one of the top performers on Wednesday.

Frontline plc rallied for a third day on Wednesday, jumping 9.53 percent to finish at $23.67 apiece as business prospects turned rosy for the company following President Donald Trump’s announcement that the US would seize as much as 50 million barrels of sanctioned crude oil from Venezuela.

The announcement sparked buying interests from investors, buoyed by expectations that Frontline plc (NYSE:FRO) would largely benefit from the seizure, being one of the world’s largest seaborne transporters of crude oil and refined products.

According to latest updates, the US has successfully seized two sanctioned tankers during the day, including a Russian-flagged oil tanker in the Atlantic. The second tanker, on the other hand, was seized in the international waters in the Carribean.

This followed the arrest of ousted Venezuelan President Nicolas Maduro, as well as his wife, Cilia Flores, for charges of narco-related trafficking.

In other news, Frontline plc (NYSE:FRO) late last year reported dismal earnings performance in the third quarter of the year, with net income declining by 33 percent to $40.3 million from $60.4 million in the same period last year.

Revenues fell by 11.8 percent to $432.6 million from $490 million year-on-year.

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Disclosure: None. This article is originally published at Insider Monkey.