Frontier Oil Beats Estimates, Shares Up 7.3% (FTO)

Shares of Frontier Oil Corporation FTO are currently up 7.3% at $14.59 per share during Thursday afternoon trading. Today's trading range for shares of Frontier Oil Corporation has been between $13.96 and $14.60 per share. The consensus price target of analysts covering the company's stock is $15.89 per share. Volume of 3.9 million shares is already more than double the daily average volume of 1.9 million shares. Frontier Oil Corporation (FTO) released financial results early Thursday morning that easily beat Wall Street estimates. Frontier Oil Corporation reported 3rd quarter earnings of 8 cents per share, on revenue of $1.42 billion. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 4 cents per share, on revenue of $1.27 billion. Chairman, president and CEO Mike Jennings said, “The third quarter provided another opportunity for profitable refining with improved crude differentials and healthy product margins. Given these economics, El Dorado achieved record throughput and light oil production and reported a strong result for the quarter. In Cheyenne, the fire-related setback was particularly unfortunate considering the operational and profitability momentum being achieved this year. However, once back online, Cheyenne had a solid finish to the quarter, operating at maximum rates and capturing some of the best crack spreads in the country.” Read more from Benzinga's Company news.