Flex LNG (NYSE:FLNG) Sets New 52-Week High – Here’s What Happened

Flex LNG Ltd. (NYSE:FLNG)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $30.85 and last traded at $30.2050, with a volume of 265862 shares changing hands. The stock had previously closed at $30.23.

Analyst Ratings Changes

Several research analysts have recently issued reports on FLNG shares. Wall Street Zen lowered shares of Flex LNG from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Flex LNG in a research note on Monday, December 22nd. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $23.00.

Flex LNG Stock Performance

The stock has a market cap of $1.63 billion, a P/E ratio of 21.83 and a beta of 0.31. The company has a debt-to-equity ratio of 2.42, a current ratio of 3.04 and a quick ratio of 2.98. The stock’s 50 day simple moving average is $26.64 and its two-hundred day simple moving average is $26.00.

Flex LNG (NYSE:FLNG) last issued its quarterly earnings data on Wednesday, February 11th. 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 analyst estimates of $86.75 million. Flex LNG had a return on equity of 13.46% and a net margin of 21.52%. As a group, research analysts forecast that Flex LNG Ltd. will post 1.9 EPS for the current year.

Flex LNG Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Stockholders of record on Friday, February 27th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 9.9%. The ex-dividend date is Friday, February 27th. Flex LNG’s payout ratio is 215.83%.

Institutional Investors Weigh In On Flex LNG

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its position in Flex LNG by 4.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,359 shares of the company’s stock worth $228,000 after acquiring an additional 416 shares during the last quarter. CWM LLC increased its stake in Flex LNG by 15.4% in the 4th quarter. CWM LLC now owns 3,607 shares of the company’s stock valued at $90,000 after buying an additional 481 shares during the last quarter. Millennium Management LLC lifted its position in Flex LNG by 0.6% during the 4th quarter. Millennium Management LLC now owns 92,459 shares of the company’s stock worth $2,307,000 after buying an additional 549 shares in the last quarter. Amplify Investments LLC lifted its position in Flex LNG by 21.4% during the 4th quarter. Amplify Investments LLC now owns 3,417 shares of the company’s stock worth $85,000 after buying an additional 603 shares in the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC boosted its stake in shares of Flex LNG by 20.3% during the 3rd quarter. Annis Gardner Whiting Capital Advisors LLC now owns 3,885 shares of the company’s stock worth $98,000 after buying an additional 655 shares during the last quarter.

Flex LNG Company Profile

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.