Flex LNG (NYSE: FLNG) Hit New 12-Month High at $37.64

The share price of Flex LNG Limited (NYSE: FNG – Fetch Rating) hit a 52-week high during mid-day trading on Wednesday. The company traded as high as $37.64 and last traded at $37.60, with a traded volume of 6943 shares. The stock had previously closed at $35.57.

Analyst Rating Changes

Several brokerages have recently issued reports on FLNG. Pareto Securities lowered Flex LNG from a “buy” rating to a “hold” rating in a research report on Wednesday, November 16. Danske upgraded Flex LNG from a “hold” rating to a “buy” rating in a report on Wednesday, November 2. Five research analysts have a hold rating on the company and one has a buy rating on the company. Based on data from Marketbeat, the stock currently has an average rating of “Hold” and an average target price of 280.00.

Flex LNG Stock Up 6.7%

The fifty-day simple moving average of the business is $32.17 and the two hundred-day simple moving average is $30.63. The company’s current ratio is 2.54, quick ratio is 2.50 and debt-to-equity ratio is 1.80. The company has a market capitalization of $2.02 billion, a PE ratio of 9.37, and a beta of 0.94.

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Flex LNG (NYSE:FLNG – Receive Rating) last announced its quarterly earnings data on Tuesday, November 15. The company reported earnings per share of $0.79 for the quarter, missing analysts’ consensus estimates of $0.80 ($0.01). Flex LNG had a net margin of 59.26% and a return on equity of 17.90%. The firm’s revenue during the quarter was $91.26 million, compared with analysts’ expectations of $91.70 million. As a group, equity research analysts estimate Flex LNG Ltd. will post earnings per share of Rs.2.52 for the current year.

Flex LNG declares dividend

The business recently declared a quarterly dividend, which will be paid on Tuesday, December 6th. A dividend of $0.75 per share will be issued to shareholders of record on Thursday, December 1. The ex-dividend date for this dividend is Wednesday, November 30. This represents a $3.00 annual dividend and a dividend yield of 7.90%. The dividend payout ratio of Flex LNG currently stands at 74.07%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings in FLNG. Advisor Group Holdings Inc. increased its holding in Flex LNG shares to 72.7% during the first quarter. After acquiring an additional 6,830 shares during this period, Advisor Group Holdings Inc. now owns 16,230 shares of the company’s stock valued at $270,000. Mondrian Investment Partners Ltd. bought a new position in shares of Flex LNG valued at $258,754,000 during the first quarter. National Bank of Canada FI bought a new position in shares of FLEX LNG worth $32,000 during the first quarter. Swiss National Bank increased its stake in Flex LNG shares by 7.6% during the first quarter. Swiss National Bank now owns 70,841 shares of the company’s stock valued at $1,993,000 after acquiring an additional 5,008 shares during the period. Finally, Campbell & CO Investment Advisors LLC purchased a new position in shares of Flex LNG valued at $516,000 during the first quarter. Hedge funds and other institutional investors hold 20.79% of the company’s stock.

About Flex LNG

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Flex LNG Limited, through its subsidiaries, is engaged in the ocean transportation of Liquefied Natural Gas (LNG) around the world. As of February 16, 2022, it owned and operated nine M-type electronically controlled gas injection LNG carriers; and four ships with Generation X dual fuel propulsion systems. It also provides chartering and management services.

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