Flex LNG (NYSE:FLNG) Upgraded at Wall Street Zen
by Tristan Rich · The Markets DailyWall Street Zen upgraded shares of Flex LNG (NYSE:FLNG – Free Report) from a sell rating to a hold rating in a report released on Saturday.
Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Flex LNG in a research report on Monday, December 22nd. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, Flex LNG has a consensus rating of “Hold” and a consensus target price of $23.00.
Check Out Our Latest Research Report on FLNG
Flex LNG Trading Up 1.0%
Shares of FLNG stock opened at $24.76 on Friday. The firm has a market capitalization of $1.33 billion, a P/E ratio of 13.53 and a beta of 0.35. Flex LNG has a 1 year low of $19.46 and a 1 year high of $27.67. The firm’s fifty day simple moving average is $25.66 and its 200 day simple moving average is $25.05. The company has a current ratio of 3.10, a quick ratio of 3.05 and a debt-to-equity ratio of 2.39.
Flex LNG (NYSE:FLNG – Get Free Report) last issued its quarterly earnings results on Wednesday, November 12th. The company reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.03). Flex LNG had a net margin of 28.06% and a return on equity of 14.04%. The company had revenue of $85.68 million during the quarter, compared to the consensus estimate of $83.52 million. As a group, sell-side analysts predict that Flex LNG will post 1.9 EPS for the current year.
Flex LNG Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Friday, November 28th were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 12.1%. The ex-dividend date was Friday, November 28th. Flex LNG’s dividend payout ratio is 163.93%.
Institutional Investors Weigh In On Flex LNG
Several institutional investors and hedge funds have recently made changes to their positions in FLNG. Charles Schwab Investment Management Inc. grew its holdings in shares of Flex LNG by 1.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 74,519 shares of the company’s stock worth $1,713,000 after purchasing an additional 1,234 shares during the last quarter. Raymond James Financial Inc. grew its stake in Flex LNG by 28.1% during the first quarter. Raymond James Financial Inc. now owns 217,288 shares of the company’s stock worth $4,995,000 after buying an additional 47,698 shares during the last quarter. State of Wyoming acquired a new stake in shares of Flex LNG during the first quarter worth approximately $57,000. Royal Bank of Canada raised its stake 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 acquiring an additional 7,331 shares during the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Flex LNG in the first quarter valued at approximately $2,730,000.
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.