Flex LNG (NYSE:FLNG) Issues Earnings Results

Flex LNG (NYSE:FLNG) announced its quarterly earnings results on Wednesday. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.62 by $0.17, FiscalAI reports. The business had revenue of $106.80 million for the quarter, compared to analyst estimates of $93.53 million. Flex LNG had a return on equity of 12.15% and a net margin of 22.26%.

Flex LNG Stock Up 0.6%

FLNG opened at $31.07 on Wednesday. The firm has a market cap of $1.68 billion, a P/E ratio of 22.19 and a beta of 0.20. The business’s fifty day simple moving average is $30.33 and its 200 day simple moving average is $29.94. Flex LNG has a 52 week low of $24.00 and a 52 week high of $33.40. The company has a quick ratio of 2.69, a current ratio of 2.72 and a debt-to-equity ratio of 2.45.

Institutional Investors Weigh In On Flex LNG

A number of hedge funds and other institutional investors have recently modified their holdings of FLNG. Kestra Advisory Services LLC purchased a new stake in Flex LNG in the 4th quarter worth approximately $43,000. Kemnay Advisory Services Inc. purchased a new position in shares of Flex LNG during the 4th quarter worth $64,000. BNP Paribas Financial Markets lifted its stake in shares of Flex LNG by 64.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,126 shares of the company’s stock worth $69,000 after purchasing an additional 1,227 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Flex LNG by 413.9% during the second quarter. Tower Research Capital LLC TRC now owns 3,921 shares of the company’s stock worth $86,000 after purchasing an additional 3,158 shares during the last quarter. Finally, Caption Management LLC acquired a new stake in shares of Flex LNG during the third quarter worth $130,000.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FLNG. Wall Street Zen cut shares of Flex LNG from a “hold” rating to a “sell” rating in a research report on Saturday, July 18th. Pareto Securities cut shares of Flex LNG from a “buy” rating to a “sell” rating in a research report on Wednesday, May 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Flex LNG in a report on Wednesday, July 8th. Finally, Kepler Capital Markets set a $25.00 price objective on shares of Flex LNG and gave the company a “reduce” rating in a report on Thursday, May 14th. Two 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, Flex LNG presently has a consensus rating of “Reduce” and an average target price of $24.00.

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.