After the market close on Tuesday, the company reported earnings of 9 cents per share on $121.51 million in revenue for the quarter ended September 30.
Analysts surveyed by Thomson Reuters had estimated for earnings of 8 cents per share on revenue of $92.32 million for the most recent quarter.
The better than expected results were driven by a higher demand for lower-priced oil.
"We are very pleased to report our strongest third quarter since 2008," CEO Robert Hvide Macleod said in a statement. "Current fleet utilization is at levels not seen since 2009."
Additionally, Frontline's stock rating was upgraded to "neutral" from "underperform" at Credit Suisse ahead of next week's shareholder vote regarding the merger with Frontline 2012.
Frontline stock is down by 1.46% to $3.03 in early morning trading on Wednesday.
Separately, TheStreet Ratings team rates FRONTLINE LTD as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
We rate FRONTLINE LTD (FRO) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been very high debt management risk by most measures.|
You can view the full analysis from the report here: FRO
Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.