Flex LNG (NYSE:FLNG) Sets New 52-Week High – Still a Buy?

Shares of Flex LNG Ltd. (NYSE:FLNG) reached a new 52-week high during trading on Monday . The company traded as high as $27.78 and last traded at $27.6830, with a volume of 268642 shares. The stock had previously closed at $27.49.

Wall Street Analyst Weigh In

FLNG has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Flex LNG in a research note on Monday, December 22nd. Wall Street Zen downgraded Flex LNG from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $23.00.

Flex LNG Trading Up 0.9%

The firm’s 50 day simple moving average is $25.93 and its two-hundred day simple moving average is $25.78. The stock has a market capitalization of $1.49 billion, a P/E ratio of 19.95 and a beta of 0.32. The company has a quick ratio of 2.98, a current ratio of 3.04 and a debt-to-equity ratio of 2.42.

Flex LNG (NYSE:FLNG) last released its quarterly earnings data on Wednesday, February 11th. The company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.18). Flex LNG had a net margin of 21.52% and a return on equity of 13.46%. The firm had revenue of $87.50 million for the quarter, compared to the consensus estimate of $86.75 million. As a group, analysts forecast that Flex LNG Ltd. will post 1.9 earnings per share for the current fiscal year.

Flex LNG Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 12th. Shareholders of record on Friday, February 27th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a $3.00 annualized dividend and a dividend yield of 10.8%. Flex LNG’s dividend payout ratio (DPR) is currently 215.83%.

Institutional Trading of Flex LNG

Several hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its position in Flex LNG by 15.2% during the first quarter. Royal Bank of Canada now owns 55,436 shares of the company’s stock worth $1,275,000 after purchasing an additional 7,331 shares during the period. Goldman Sachs Group Inc. raised its holdings in 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. CWM LLC lifted its position in shares of Flex LNG by 94.3% during the second quarter. CWM LLC now owns 2,201 shares of the company’s stock worth $48,000 after acquiring an additional 1,068 shares in the last quarter. Whipplewood Advisors LLC raised its stake in shares of Flex LNG by 9,185.7% during the 2nd quarter. Whipplewood Advisors LLC now owns 3,250 shares of the company’s stock valued at $71,000 after purchasing an additional 3,215 shares during the period. Finally, Arkadios Wealth Advisors boosted its stake in Flex LNG by 4.0% in the 2nd quarter. Arkadios Wealth Advisors now owns 15,971 shares of the company’s stock worth $351,000 after purchasing an additional 613 shares during the period.

About Flex LNG

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.