Short Interest in FLEX LNG Ltd. (NYSE:FLNG) Drops By 9.0%

FLEX LNG Ltd. (NYSE:FLNG) saw a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 1,830,000 shares, a drop of 9.0% from the July 15th total of 2,010,000 shares. Based on an average daily trading volume, of 268,700 shares, the short-interest ratio is presently 6.8 days. Approximately 6.1% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group raised FLEX LNG from an “underperform” rating to a “hold” rating and set a $24.00 price target on the stock in a report on Wednesday, August 14th.

Institutional Investors Weigh In On FLEX LNG

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. HHM Wealth Advisors LLC bought a new stake in FLEX LNG during the 2nd quarter valued at $47,000. Rothschild Investment LLC purchased a new position in FLEX LNG during the second quarter valued at approximately $81,000. Redwood Wealth Management Group LLC acquired a new position in shares of FLEX LNG in the 2nd quarter valued at $98,000. Virtu Financial LLC acquired a new stake in shares of FLEX LNG during the 4th quarter valued at about $200,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in FLEX LNG by 13.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,541 shares of the company’s stock valued at $218,000 after purchasing an additional 993 shares in the last quarter.

FLEX LNG Stock Performance

Shares of NYSE FLNG traded down $0.27 during trading on Tuesday, hitting $27.05. The company had a trading volume of 49,042 shares, compared to its average volume of 306,288. FLEX LNG has a 12 month low of $24.16 and a 12 month high of $32.23. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.76 and a current ratio of 2.80. The firm has a market capitalization of $1.44 billion, a P/E ratio of 10.76 and a beta of 0.76. The stock has a 50 day simple moving average of $26.67 and a 200 day simple moving average of $26.63.

FLEX LNG (NYSE:FLNG) last announced its quarterly earnings data on Thursday, May 23rd. The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.15. FLEX LNG had a net margin of 37.08% and a return on equity of 16.31%. The firm had revenue of $90.24 million during the quarter. As a group, analysts anticipate that FLEX LNG will post 2.27 earnings per share for the current year.

FLEX LNG Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Thursday, August 29th will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 11.09%. The ex-dividend date is Thursday, August 29th. FLEX LNG’s payout ratio is 118.11%.

FLEX LNG Company Profile

Flex LNG Ltd., together with its subsidiaries, engages in the seaborne transportation of liquefied natural gas (LNG) worldwide. The company owns and operates vessels with M-type electronically controlled gas injection LNG carriers; and vessels with generation X dual fuel propulsion systems. Flex LNG Ltd.