Flex LNG (NYSE:FLNG) Sets New 52-Week High – Still a Buy?

Flex LNG Ltd. (NYSE:FLNG)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $31.37 and last traded at $31.4250, with a volume of 368943 shares. The stock had previously closed at $30.08.

Wall Street Analysts Forecast Growth

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

Flex LNG Price Performance

The firm has a market capitalization of $1.62 billion, a P/E ratio of 21.63 and a beta of 0.31. The business’s fifty day moving average is $27.53 and its 200 day moving average is $26.19. The company has a current ratio of 3.04, a quick ratio of 2.98 and a debt-to-equity ratio of 2.42.

Flex LNG (NYSE:FLNG) last issued its earnings results on Wednesday, February 11th. The company reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.18). The business 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%. As a group, analysts forecast that Flex LNG Ltd. will post 1.9 EPS for the current year.

Flex LNG Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 12th. Stockholders of record on Friday, February 27th were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, February 27th. This represents a $3.00 annualized dividend and a dividend yield of 10.0%. Flex LNG’s dividend payout ratio (DPR) is currently 215.83%.

Institutional Investors Weigh In On Flex LNG

Institutional investors and hedge funds have recently modified their holdings of the stock. First Community Trust NA acquired a new position in shares of Flex LNG in the 4th quarter valued at $31,000. Financial Life Planners acquired a new stake in Flex LNG during the 3rd quarter worth about $35,000. Kestra Advisory Services LLC acquired a new stake in Flex LNG during the 4th quarter worth about $43,000. EverSource Wealth Advisors LLC lifted its stake 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 buying an additional 1,408 shares in the last quarter. Finally, State of Alaska Department of Revenue acquired a new position in shares of Flex LNG in the third quarter worth about $49,000.

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.