FLEX LNG Ltd. (NYSE:FLNG – Get Rating)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $34.50, but opened at $35.57. FLEX LNG shares last traded at $35.56, with a volume of 1,626 shares changing hands.
Wall Street Analyst Weigh In
Several brokerages have issued reports on FLNG. Danske raised shares of FLEX LNG from a "hold" rating to a "buy" rating in a research note on Wednesday, November 2nd. Pareto Securities lowered FLEX LNG from a "buy" rating to a "hold" rating in a research note on Wednesday, November 16th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $280.00.
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The firm has a market capitalization of $1.90 billion, a P/E ratio of 8.52 and a beta of 0.99. The stock's 50 day simple moving average is $33.24 and its 200 day simple moving average is $31.41. The company has a debt-to-equity ratio of 1.80, a quick ratio of 2.50 and a current ratio of 2.54.
FLEX LNG (NYSE:FLNG – Get Rating) last announced its quarterly earnings results on Tuesday, November 15th. The company reported $0.79 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.80 by ($0.01). FLEX LNG had a net margin of 59.26% and a return on equity of 17.90%. The firm had revenue of $91.26 million during the quarter, compared to analysts' expectations of $91.70 million. As a group, analysts expect that FLEX LNG Ltd. will post 2.52 earnings per share for the current fiscal year.FLEX LNG Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, December 9th. Stockholders of record on Thursday, December 1st were issued a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, November 30th. This represents a $3.00 annualized dividend and a dividend yield of 8.38%. FLEX LNG's dividend payout ratio is currently 74.07%.
Hedge Funds Weigh In On FLEX LNG
A number of large investors have recently bought and sold shares of FLNG. Vanguard Group Inc. increased its holdings in shares of FLEX LNG by 721.8% in the 3rd quarter. Vanguard Group Inc. now owns 1,078,965 shares of the company's stock valued at $34,172,000 after acquiring an additional 947,675 shares during the period. Folketrygdfondet raised its holdings in FLEX LNG by 4,750.3% in the second quarter. Folketrygdfondet now owns 910,497 shares of the company's stock worth $24,939,000 after purchasing an additional 891,725 shares in the last quarter. Mondrian Investment Partners LTD lifted its position in shares of FLEX LNG by 59.4% during the second quarter. Mondrian Investment Partners LTD now owns 1,679,147 shares of the company's stock valued at $457,400,000 after buying an additional 625,429 shares during the last quarter. State Street Corp bought a new stake in shares of FLEX LNG in the 2nd quarter valued at about $13,060,000. Finally, Goldman Sachs Group Inc. grew its position in shares of FLEX LNG by 147.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 338,553 shares of the company's stock worth $9,656,000 after buying an additional 201,876 shares during the last quarter. Institutional investors own 20.79% of the company's stock.
FLEX LNG Company Profile
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Flex LNG Ltd., through its subsidiaries, engages in the seaborne transportation of liquefied natural gas (LNG) worldwide. As of February 16, 2022, it owned and operated nine M-type electronically controlled gas injection LNG carriers; and four vessels with generation X dual fuel propulsion systems. It also provides chartering and management services.
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