Flex LNG (NYSE:FLNG) Lowered to “Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of Flex LNG (NYSE:FLNG) from a hold rating to a sell rating in a report published on Saturday.

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Flex LNG in a research note on Monday, December 22nd. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $23.00.

Flex LNG Stock Up 1.2%

Shares of FLNG stock opened at $26.40 on Friday. The company’s fifty day simple moving average is $25.72 and its two-hundred day simple moving average is $25.64. Flex LNG has a 52 week low of $19.46 and a 52 week high of $27.67. The stock has a market cap of $1.42 billion, a P/E ratio of 14.43 and a beta of 0.32. The company has a quick ratio of 3.05, a current ratio of 3.10 and a debt-to-equity ratio of 2.39.

Flex LNG (NYSE:FLNG) last announced its quarterly earnings results on Wednesday, November 12th. The company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.03). Flex LNG had a net margin of 28.06% and a return on equity of 14.04%. The business had revenue of $85.68 million during the quarter, compared to the consensus estimate of $83.52 million. Analysts predict that Flex LNG will post 1.9 EPS for the current fiscal year.

Flex LNG Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 11th. Stockholders of record on Friday, November 28th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, November 28th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 11.4%. Flex LNG’s dividend payout ratio is presently 163.93%.

Institutional Investors Weigh In On Flex LNG

A number of large investors have recently made changes to their positions in the stock. Gilman Hill Asset Management LLC raised its holdings in shares of Flex LNG by 21.4% during the third quarter. Gilman Hill Asset Management LLC now owns 381,427 shares of the company’s stock worth $9,612,000 after purchasing an additional 67,139 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Flex LNG in the 2nd quarter valued at about $545,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Flex LNG in the second quarter worth about $2,936,000. Creative Planning boosted its stake in shares of Flex LNG by 154.7% in the second quarter. Creative Planning now owns 65,747 shares of the company’s stock worth $1,445,000 after buying an additional 39,931 shares during the last quarter. Finally, DNB Asset Management AS acquired a new stake in Flex LNG during the second quarter worth about $369,000.

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.