Flex LNG (NYSE:FLNG) Shares Down 5.1% – Here’s Why

Shares of Flex LNG Ltd. (NYSE:FLNG) fell 5.1% on Thursday . The company traded as low as $29.50 and last traded at $29.49. Approximately 52,598 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 519,461 shares. The stock had previously closed at $31.06.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FLNG. Wall Street Zen upgraded Flex LNG from a “sell” rating to a “hold” rating in a report on Saturday, June 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Flex LNG in a research note on Friday, April 10th. Kepler Capital Markets set a $25.00 price target on shares of Flex LNG and gave the stock a “reduce” rating in a report on Thursday, May 14th. Finally, Pareto Securities lowered shares of Flex LNG from a “buy” rating to a “sell” rating in a report on Wednesday, May 13th. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $24.00.

Flex LNG Trading Down 6.9%

The company has a quick ratio of 2.69, a current ratio of 2.72 and a debt-to-equity ratio of 2.45. The firm’s 50-day moving average price is $30.86 and its 200 day moving average price is $28.94. The company has a market capitalization of $1.56 billion, a P/E ratio of 20.73 and a beta of 0.20.

Flex LNG (NYSE:FLNG) last announced its quarterly earnings results on Wednesday, May 13th. The company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). The business 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 business also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Friday, May 29th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 10.4%. The ex-dividend date was Friday, May 29th. Flex LNG’s dividend payout ratio (DPR) is currently 214.29%.

Institutional Investors Weigh In On Flex LNG

Several institutional investors have recently bought and sold shares of FLNG. Western Wealth Management LLC purchased a new stake in Flex LNG in the 1st quarter valued at $26,000. Main Street Group LTD purchased a new position in Flex LNG during the 1st quarter worth $30,000. First Community Trust NA purchased a new position in Flex LNG during the 4th quarter worth $31,000. Financial Life Planners bought a new stake in shares of Flex LNG in the 3rd quarter worth $35,000. Finally, Kestra Advisory Services LLC bought a new stake in shares of Flex LNG in the 4th quarter worth $43,000.

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.