Flex LNG (NYSE:FLNG) Reaches New 52-Week High – Here’s Why

Flex LNG Ltd. (NYSE:FLNG) shares reached a new 52-week high during trading on Monday . The company traded as high as $28.20 and last traded at $28.1160, with a volume of 691792 shares. The stock had previously closed at $27.32.

Analyst Ratings Changes

Several research firms have recently weighed in on FLNG. Wall Street Zen downgraded Flex LNG from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Weiss Ratings restated 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 data from MarketBeat, Flex LNG presently has an average rating of “Hold” and an average target price of $23.00.

Flex LNG Trading Up 2.8%

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 firm has a market cap of $1.51 billion, a PE ratio of 20.20 and a beta of 0.31. The business has a 50-day moving average price of $26.15 and a two-hundred day moving average price of $25.86.

Flex LNG (NYSE:FLNG) last issued its quarterly earnings data 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 analysts’ expectations of $86.75 million. Flex LNG had a return on equity of 13.46% and a net margin of 21.52%. Analysts forecast that Flex LNG Ltd. will post 1.9 EPS for the current year.

Flex LNG Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Stockholders of record on Friday, February 27th will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 10.7%. The ex-dividend date of this dividend is Friday, February 27th. Flex LNG’s payout ratio is currently 215.83%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FLNG. First Community Trust NA purchased a new stake in shares of Flex LNG in the fourth quarter valued at $31,000. Financial Life Planners purchased a new position in shares of Flex LNG during the 3rd quarter worth about $35,000. Kestra Advisory Services LLC acquired a new stake in shares of Flex LNG in the fourth quarter worth approximately $43,000. EverSource Wealth Advisors LLC grew its holdings in Flex LNG by 364.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the company’s stock valued at $45,000 after purchasing an additional 1,408 shares during the period. Finally, State of Alaska Department of Revenue acquired a new position in Flex LNG during the third quarter worth approximately $49,000.

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.