Flex LNG (NYSE:FLNG) Hits New 1-Year High – What’s Next?

Shares of Flex LNG Ltd. (NYSE:FLNG) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $32.72 and last traded at $32.45, with a volume of 380434 shares traded. The stock had previously closed at $32.32.

Analyst Ratings Changes

A number of brokerages recently issued reports on FLNG. Wall Street Zen lowered Flex LNG from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Weiss Ratings restated a “hold (c)” rating on shares of Flex LNG in a research note on Friday, April 10th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $23.00.

Flex LNG Price Performance

The company has a current ratio of 3.04, a quick ratio of 2.98 and a debt-to-equity ratio of 2.42. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of 23.35 and a beta of 0.20. The firm has a 50-day simple moving average of $29.89 and a two-hundred day simple moving average of $27.27.

Flex LNG (NYSE:FLNG) last posted its earnings results on Thursday, February 12th. The company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.18). Flex LNG had a net margin of 21.52% and a return on equity of 13.46%. The business had revenue of $87.54 million for the quarter, compared to analyst estimates of $86.75 million.

Flex LNG Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 12th. Stockholders of record on Friday, February 27th were given a dividend of $0.75 per share. The ex-dividend date was Friday, February 27th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 9.2%. Flex LNG’s dividend payout ratio (DPR) is 215.83%.

Institutional Investors Weigh In On Flex LNG

A number of institutional investors have recently modified their holdings of FLNG. Royal Bank of Canada grew its position in shares of Flex LNG by 15.2% during the 1st quarter. Royal Bank of Canada now owns 55,436 shares of the company’s stock valued at $1,275,000 after acquiring an additional 7,331 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Flex LNG by 22.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 149,097 shares of the company’s stock valued at $3,428,000 after acquiring an additional 27,543 shares during the period. Rhumbline Advisers grew its position in shares of Flex LNG by 6.9% during the 2nd quarter. Rhumbline Advisers now owns 48,796 shares of the company’s stock valued at $1,073,000 after acquiring an additional 3,164 shares during the period. Invesco Ltd. grew its position in shares of Flex LNG by 3.6% during the 2nd quarter. Invesco Ltd. now owns 22,471 shares of the company’s stock valued at $494,000 after acquiring an additional 784 shares during the period. Finally, First Trust Advisors LP acquired a new stake in shares of Flex LNG during the 2nd quarter valued at about $420,000.

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.