Flex LNG (NYSE:FLNG) Sets New 1-Year High – Here’s What Happened

Flex LNG Ltd. (NYSE:FLNG)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $32.72 and last traded at $32.45, with a volume of 380434 shares changing hands. The stock had previously closed at $32.32.

Analyst Ratings Changes

A number of research analysts have weighed in on FLNG shares. Weiss Ratings restated a “hold (c)” rating on shares of Flex LNG in a research note on Friday, April 10th. Wall Street Zen cut shares of Flex LNG from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $23.00.

Flex LNG Price Performance

The business has a fifty day moving average of $30.09 and a two-hundred day moving average of $27.38. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.98 and a current ratio of 3.04. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 22.96 and a beta of 0.20.

Flex LNG (NYSE:FLNG) last released its quarterly earnings data on Thursday, February 12th. The company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.18). The company had revenue of $87.54 million for the quarter, compared to the consensus estimate of $86.75 million. Flex LNG had a return on equity of 13.46% and a net margin of 21.52%.

Flex LNG Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 12th. Investors of record on Friday, February 27th were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 9.4%. The ex-dividend date was Friday, February 27th. Flex LNG’s payout ratio is 215.83%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FLNG. Main Street Group LTD acquired a new stake in Flex LNG during the first quarter worth about $30,000. First Community Trust NA bought a new stake in shares of Flex LNG during the 4th quarter worth approximately $31,000. Financial Life Planners acquired a new stake in shares of Flex LNG during the 3rd quarter worth approximately $35,000. Kestra Advisory Services LLC bought a new position in Flex LNG in the fourth quarter valued at approximately $43,000. Finally, EverSource Wealth Advisors LLC raised its position in Flex LNG by 364.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the company’s stock valued at $45,000 after purchasing an additional 1,408 shares in 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.