Flex LNG (NYSE:FLNG) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Flex LNG (NYSE:FLNG) from a sell rating to a hold rating in a report published on Saturday.

FLNG has been the subject of several other reports. Pareto Securities downgraded shares of Flex LNG from a “buy” rating to a “sell” rating in a research report on Wednesday, May 13th. Weiss Ratings restated a “hold (c)” rating on shares of Flex LNG in a report on Wednesday, July 8th. Finally, Kepler Capital Markets set a $25.00 price objective on shares of Flex LNG and gave the company a “reduce” rating in a research note on Thursday, May 14th. One investment analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Flex LNG currently has a consensus rating of “Reduce” and an average price target of $25.00.

Flex LNG Stock Performance

Shares of NYSE FLNG opened at $32.06 on Friday. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of 16.87 and a beta of 0.20. The business has a 50 day simple moving average of $30.42 and a 200 day simple moving average of $30.04. Flex LNG has a 52 week low of $24.00 and a 52 week high of $33.40. The company has a debt-to-equity ratio of 2.40, a quick ratio of 2.69 and a current ratio of 2.69.

Flex LNG (NYSE:FLNG) last released its quarterly earnings data on Wednesday, August 19th. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.17. The firm had revenue of $106.80 million for the quarter, compared to the consensus estimate of $93.53 million. Flex LNG had a return on equity of 14.88% and a net margin of 28.50%.

Flex LNG Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Thursday, September 3rd will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 9.4%. The ex-dividend date of this dividend is Thursday, September 3rd. Flex LNG’s dividend payout ratio (DPR) is presently 157.89%.

Institutional Trading of Flex LNG

A number of institutional investors and hedge funds have recently modified their holdings of FLNG. Wealthcare Advisory Partners LLC boosted its holdings in shares of Flex LNG by 2.1% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 16,734 shares of the company’s stock worth $470,000 after buying an additional 351 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Flex LNG by 4.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,359 shares of the company’s stock worth $228,000 after acquiring an additional 416 shares during the period. CWM LLC raised its holdings in Flex LNG by 15.4% in the 4th quarter. CWM LLC now owns 3,607 shares of the company’s stock worth $90,000 after acquiring an additional 481 shares during the period. Millennium Management LLC lifted its position in Flex LNG by 0.6% during the 4th quarter. Millennium Management LLC now owns 92,459 shares of the company’s stock worth $2,307,000 after acquiring an additional 549 shares during the last quarter. Finally, Amplify Investments LLC lifted its position in Flex LNG by 21.4% during the 4th quarter. Amplify Investments LLC now owns 3,417 shares of the company’s stock worth $85,000 after acquiring an additional 603 shares during the last quarter.

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.