FLEX LNG (NYSE:FLNG) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of FLEX LNG (NYSE:FLNG) from a sell rating to a hold rating in a research note released on Saturday morning.

Several other brokerages also recently commented on FLNG. Fearnley Fonds upgraded FLEX LNG to a “hold” rating in a research note on Monday, February 17th. Jefferies Financial Group reissued a “hold” rating and set a $23.00 price target on shares of FLEX LNG in a report on Tuesday, February 4th.

FLEX LNG Stock Up 1.2%

FLNG stock opened at $22.88 on Friday. The company has a quick ratio of 2.96, a current ratio of 2.99 and a debt-to-equity ratio of 2.11. The business has a 50 day moving average price of $22.99 and a two-hundred day moving average price of $23.55. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 10.50 and a beta of 0.45. FLEX LNG has a twelve month low of $19.46 and a twelve month high of $29.80.

FLEX LNG (NYSE:FLNG) last posted its quarterly earnings results on Wednesday, May 21st. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.04. The firm had revenue of $88.40 million during the quarter, compared to the consensus estimate of $87.70 million. FLEX LNG had a return on equity of 15.61% and a net margin of 33.03%. Analysts anticipate that FLEX LNG will post 1.9 EPS for the current fiscal year.

FLEX LNG Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $3.00 annualized dividend and a yield of 13.11%. FLEX LNG’s dividend payout ratio is presently 157.07%.

Hedge Funds Weigh In On FLEX LNG

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FLNG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in FLEX LNG by 145.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,030,250 shares of the company’s stock valued at $23,686,000 after acquiring an additional 610,236 shares in the last quarter. Crossingbridge Advisors LLC acquired a new position in FLEX LNG in the 4th quarter valued at $5,405,000. Trek Financial LLC raised its holdings in FLEX LNG by 106.4% in the 1st quarter. Trek Financial LLC now owns 344,794 shares of the company’s stock valued at $7,927,000 after acquiring an additional 177,711 shares in the last quarter. Raymond James Financial Inc. acquired a new position in FLEX LNG in the 4th quarter valued at $3,890,000. Finally, Nuveen LLC acquired a new position in shares of FLEX LNG during the 1st quarter worth $2,737,000.

FLEX LNG Company Profile

FLEX LNG Ltd. engages in the seaborne transportation of liquefied natural gas (LPG) through the ownership and operation of LNG carriers. The company was founded by Philip Eystein Fjeld, Trym Tveitnes and Jostein Ueland in September 2006 and is headquartered in Hamilton, Bermuda.