Flex LNG (NYSE:FLNG) Reaches New 1-Year High – Should You Buy?

Shares of Flex LNG Ltd. (NYSE:FLNG) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $27.78 and last traded at $27.6830, with a volume of 268642 shares traded. The stock had previously closed at $27.49.

Analyst Ratings Changes

A number of brokerages have weighed in on FLNG. Weiss Ratings restated a “hold (c)” rating on shares of Flex LNG in a research note on Monday, December 22nd. Wall Street Zen cut shares of Flex LNG from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $23.00.

Flex LNG Stock Performance

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 company has a 50 day simple moving average of $25.93 and a 200-day simple moving average of $25.78. The firm has a market cap of $1.49 billion, a PE ratio of 19.95 and a beta of 0.32.

Flex LNG (NYSE:FLNG) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.18). Flex LNG had a return on equity of 13.46% and a net margin of 21.52%.The business had revenue of $87.50 million for the quarter, compared to analysts’ expectations of $86.75 million. As a group, equities research analysts anticipate that Flex LNG Ltd. will post 1.9 EPS for the current year.

Flex LNG Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Stockholders of record on Friday, February 27th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 10.8%. The ex-dividend date of this dividend is Friday, February 27th. Flex LNG’s dividend payout ratio (DPR) is 215.83%.

Institutional Investors Weigh In On Flex LNG

A number of hedge funds and other institutional investors have recently modified their holdings of FLNG. First Community Trust NA purchased a new position in Flex LNG in the 4th quarter worth approximately $31,000. Financial Life Planners bought a new position in shares of Flex LNG in the third quarter worth approximately $35,000. Kestra Advisory Services LLC purchased a new position in shares of Flex LNG in the fourth quarter worth $43,000. EverSource Wealth Advisors LLC raised its holdings in Flex LNG by 364.8% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the company’s stock valued at $45,000 after buying an additional 1,408 shares during the last quarter. Finally, CWM LLC boosted its position in Flex LNG by 94.3% during the 2nd quarter. CWM LLC now owns 2,201 shares of the company’s stock valued at $48,000 after buying an additional 1,068 shares during the period.

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.