Flex LNG (NYSE:FLNG) Trading Down 3.2% – Here’s What Happened

Flex LNG Ltd. (NYSE:FLNG) shares dropped 3.2% during trading on Monday . The company traded as low as $30.13 and last traded at $30.2810. Approximately 399,252 shares were traded during mid-day trading, a decline of 13% from the average daily volume of 459,338 shares. The stock had previously closed at $31.28.

Wall Street Analysts Forecast Growth

FLNG has been the topic of a number of research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Flex LNG in a research note on Friday, April 10th. Pareto Securities lowered shares of Flex LNG from a “buy” rating to a “sell” rating in a research note on Wednesday, May 13th. Finally, Kepler Capital Markets set a $25.00 target price on shares of Flex LNG and gave the stock a “reduce” rating in a research report on Thursday, May 14th. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $24.00.

Flex LNG Stock Performance

The stock’s 50-day simple moving average is $31.13 and its 200-day simple moving average is $28.43. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 21.63 and a beta of 0.18. The company has a current ratio of 2.72, a quick ratio of 2.69 and a debt-to-equity ratio of 2.45.

Flex LNG (NYSE:FLNG) last announced its earnings results on Wednesday, May 13th. The company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Flex LNG had a return on equity of 12.15% and a net margin of 22.26%.The business had revenue of $80.46 million for the quarter, compared to analyst estimates of $80.35 million.

Flex LNG Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Friday, May 29th were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 9.9%. The ex-dividend date was Friday, May 29th. Flex LNG’s dividend payout ratio is presently 214.29%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in FLNG. The Manufacturers Life Insurance Company lifted its holdings in shares of Flex LNG by 4.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,359 shares of the company’s stock worth $228,000 after acquiring an additional 416 shares during the period. CWM LLC lifted its holdings in shares of Flex LNG by 15.4% during the 4th quarter. CWM LLC now owns 3,607 shares of the company’s stock worth $90,000 after acquiring an additional 481 shares during the period. Millennium Management LLC lifted its holdings in shares of Flex LNG by 0.6% during the 4th quarter. Millennium Management LLC now owns 92,459 shares of the company’s stock worth $2,307,000 after acquiring an additional 549 shares during the period. Amplify Investments LLC lifted its holdings in shares of Flex LNG by 21.4% during the 4th quarter. Amplify Investments LLC now owns 3,417 shares of the company’s stock worth $85,000 after acquiring an additional 603 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of Flex LNG by 3.6% during the 2nd quarter. Invesco Ltd. now owns 22,471 shares of the company’s stock worth $494,000 after acquiring an additional 784 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.