Flex LNG (NYSE:FLNG) Trading Down 3.2% – Here’s What Happened

Flex LNG Ltd. (NYSE:FLNG)’s share price was down 3.2% on Monday . The company traded as low as $30.13 and last traded at $30.2810. Approximately 399,252 shares were traded during trading, a decline of 13% from the average daily volume of 459,338 shares. The stock had previously closed at $31.28.

Wall Street Analyst Weigh In

Several equities analysts recently commented on FLNG shares. Pareto Securities downgraded shares of Flex LNG from a “buy” rating to a “sell” rating in a research note on Wednesday, May 13th. 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. Finally, Weiss Ratings reissued 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 and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $24.00.

Flex LNG Stock Performance

The firm has a market cap of $1.64 billion, a P/E ratio of 21.63 and a beta of 0.18. The company has a debt-to-equity ratio of 2.45, a quick ratio of 2.69 and a current ratio of 2.72. The company’s 50 day moving average is $31.13 and its 200 day moving average is $28.43.

Flex LNG (NYSE:FLNG) last issued its quarterly earnings data on Wednesday, May 13th. The company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). The company had revenue of $80.46 million during the quarter, compared to the consensus estimate 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 firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Friday, May 29th were given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 9.9%. The ex-dividend date was Friday, May 29th. Flex LNG’s dividend payout ratio is 214.29%.

Hedge Funds Weigh In On Flex LNG

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. TrueMark Investments LLC acquired a new position in Flex LNG in the 4th quarter valued at approximately $1,552,000. Hussman Strategic Advisors Inc. acquired a new position in Flex LNG in the 4th quarter valued at approximately $1,048,000. Trek Financial LLC increased its position in Flex LNG by 10.9% in the 4th quarter. Trek Financial LLC now owns 391,676 shares of the company’s stock valued at $9,772,000 after acquiring an additional 38,438 shares during the period. R Squared Ltd acquired a new position in Flex LNG in the 4th quarter valued at approximately $412,000. Finally, Signaturefd LLC increased its position in Flex LNG by 70.0% in the 4th quarter. Signaturefd LLC now owns 5,153 shares of the company’s stock valued at $129,000 after acquiring an additional 2,122 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.