Flex LNG (NYSE:FLNG) Cut to “Sell” at Wall Street Zen

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

Other equities research analysts have also recently issued reports about the company. Kepler Capital Markets set a $25.00 target price on Flex LNG and gave the company a “reduce” rating in a research note on Thursday, May 14th. Weiss Ratings reiterated a “hold (c)” rating on shares of Flex LNG in a research report on Wednesday, July 8th. Finally, Pareto Securities lowered shares of Flex LNG from a “buy” rating to a “sell” rating in a research note on Wednesday, May 13th. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $24.00.

Flex LNG Stock Down 0.4%

NYSE:FLNG opened at $30.54 on Friday. The company has a current ratio of 2.72, a quick ratio of 2.69 and a debt-to-equity ratio of 2.45. The stock has a 50 day moving average of $30.55 and a 200-day moving average of $29.26. The firm has a market capitalization of $1.65 billion, a PE ratio of 21.81 and a beta of 0.20. Flex LNG has a 52 week low of $22.62 and a 52 week high of $33.40.

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

Flex LNG Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Friday, May 29th were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $3.00 annualized dividend and a dividend yield of 9.8%. Flex LNG’s dividend payout ratio is presently 214.29%.

Institutional Investors Weigh In On Flex LNG

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Western Wealth Management LLC bought a new position in Flex LNG in the 1st quarter valued at about $26,000. Main Street Group LTD acquired a new stake in shares of Flex LNG in the 1st quarter worth approximately $30,000. First Community Trust NA bought a new position in shares of Flex LNG in the fourth quarter valued at approximately $31,000. Financial Life Planners acquired a new position in shares of Flex LNG during the first quarter valued at approximately $43,000. Finally, Kestra Advisory Services LLC bought a new stake in Flex LNG during the fourth quarter worth approximately $43,000.

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.