Flex LNG (NYSE:FLNG) Reaches New 1-Year High – Time to Buy?

Flex LNG Ltd. (NYSE:FLNG)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $30.85 and last traded at $30.2050, with a volume of 265862 shares traded. The stock had previously closed at $30.23.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FLNG. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Flex LNG in a report on Monday, December 22nd. Wall Street Zen cut Flex LNG from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $23.00.

Flex LNG Stock Up 0.2%

The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of 21.83 and a beta of 0.31. The firm has a fifty day moving average price of $26.64 and a 200 day moving average price of $26.00. The company has a current ratio of 3.04, a quick ratio of 2.98 and a debt-to-equity ratio of 2.42.

Flex LNG (NYSE:FLNG) last released its quarterly earnings results on Wednesday, February 11th. The company reported $0.43 earnings per share 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. Sell-side analysts anticipate that Flex LNG Ltd. will post 1.9 EPS for the current fiscal year.

Flex LNG Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Shareholders of record on Friday, February 27th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a $3.00 dividend on an annualized basis and a yield of 9.9%. Flex LNG’s dividend payout ratio is currently 215.83%.

Institutional Trading of Flex LNG

Several hedge funds have recently modified their holdings of FLNG. Royal Bank of Canada increased its holdings in shares of Flex LNG by 15.2% in the first quarter. Royal Bank of Canada now owns 55,436 shares of the company’s stock valued at $1,275,000 after purchasing an additional 7,331 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Flex LNG by 22.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 149,097 shares of the company’s stock valued at $3,428,000 after buying an additional 27,543 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Flex LNG by 5.3% in the 2nd quarter. Geode Capital Management LLC now owns 380,414 shares of the company’s stock valued at $8,361,000 after buying an additional 19,185 shares during the period. SG Americas Securities LLC increased its stake in shares of Flex LNG by 20.0% in the 2nd quarter. SG Americas Securities LLC now owns 9,106 shares of the company’s stock valued at $200,000 after buying an additional 1,518 shares during the period. Finally, Creative Planning raised its position in shares of Flex LNG by 154.7% during the second quarter. Creative Planning now owns 65,747 shares of the company’s stock worth $1,445,000 after acquiring an additional 39,931 shares during the last quarter.

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.