Flex LNG (NYSE:FLNG) Trading Down 5.1% – Here’s What Happened

Flex LNG Ltd. (NYSE:FLNG)’s share price traded down 5.1% during mid-day trading on Thursday . The stock traded as low as $29.50 and last traded at $29.49. 52,598 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 519,461 shares. The stock had previously closed at $31.06.

Analysts Set New Price Targets

A number of equities analysts have commented on FLNG shares. Wall Street Zen upgraded shares of Flex LNG from a “sell” rating to a “hold” rating in a research note on Saturday, June 20th. Pareto Securities downgraded shares of Flex LNG from a “buy” rating to a “sell” rating in a research note on Wednesday, May 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Flex LNG in a report on Wednesday. Finally, Kepler Capital Markets set a $25.00 price objective on Flex LNG and gave the stock a “reduce” rating in a research note on Thursday, May 14th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $24.00.

Flex LNG Price Performance

The company has a current ratio of 2.72, a quick ratio of 2.69 and a debt-to-equity ratio of 2.45. The firm’s 50-day moving average price is $30.77 and its two-hundred day moving average price is $28.97. The stock has a market cap of $1.63 billion, a PE ratio of 21.48 and a beta of 0.20.

Flex LNG (NYSE:FLNG) last issued its quarterly earnings data on Wednesday, May 13th. The company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05). The business had revenue of $80.46 million for the quarter, compared to analysts’ expectations of $80.35 million. Flex LNG had a net margin of 22.26% and a return on equity of 12.15%.

Flex LNG Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Friday, May 29th were issued a $0.75 dividend. The ex-dividend date was Friday, May 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 10.0%. Flex LNG’s dividend payout ratio (DPR) is currently 214.29%.

Institutional Investors Weigh In On Flex LNG

Hedge funds have recently made changes to their positions in the stock. Western Wealth Management LLC bought a new stake in Flex LNG during the first quarter valued at about $26,000. Main Street Group LTD acquired a new stake in Flex LNG in the first quarter valued at approximately $30,000. First Community Trust NA purchased a new position in Flex LNG in the fourth quarter worth $31,000. Financial Life Planners purchased a new position in Flex LNG in the first quarter worth $43,000. Finally, Kestra Advisory Services LLC acquired a new position in shares of Flex LNG during the fourth quarter worth $43,000.

Flex LNG Company Profile

Flex LNG Ltd is a Bermuda-registered owner and operator of liquefied natural gas (LNG) carriers, offering shipping services to major energy producers and utilities worldwide. Since its establishment in 2006, the company has focused on building a versatile fleet of modern, eco-efficient LNG vessels designed to meet the growing global demand for lower-emission fuel transportation.

The company’s core activities encompass time-charter contracts, long-term transportation agreements and spot market voyages.