Flex LNG (NYSE:FLNG) Announces Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Flex LNG (NYSE:FLNG) released its quarterly earnings results on Tuesday. The company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.03), Zacks reports. The business had revenue of $85.70 million for the quarter, compared to analyst estimates of $83.52 million. Flex LNG had a return on equity of 14.41% and a net margin of 27.84%.

Flex LNG Stock Performance

NYSE FLNG opened at $25.01 on Thursday. Flex LNG has a 1 year low of $19.46 and a 1 year high of $27.67. The company has a fifty day moving average price of $25.39 and a 200-day moving average price of $24.65. The company has a debt-to-equity ratio of 2.23, a current ratio of 2.84 and a quick ratio of 2.81. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of 13.59 and a beta of 0.49.

Flex LNG Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 11th. Stockholders of record on Friday, November 28th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 12.0%. The ex-dividend date is Friday, November 28th. Flex LNG’s dividend payout ratio (DPR) is currently 163.04%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Flex LNG in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of Flex LNG from a “sell” rating to a “hold” rating in a research note on Friday, August 22nd. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $23.00 price objective on shares of Flex LNG in a research report on Wednesday, August 20th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Flex LNG currently has a consensus rating of “Hold” and a consensus target price of $23.00.

Institutional Trading of Flex LNG

Hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP purchased a new stake in Flex LNG during the 3rd quarter worth about $9,497,000. Goldman Sachs Group Inc. grew its holdings in shares of Flex LNG by 22.7% in the first quarter. Goldman Sachs Group Inc. now owns 149,097 shares of the company’s stock worth $3,428,000 after purchasing an additional 27,543 shares during the last quarter. HRT Financial LP purchased a new stake in Flex LNG in the second quarter worth $1,609,000. Royal Bank of Canada raised its holdings in Flex LNG by 15.2% in the first quarter. Royal Bank of Canada now owns 55,436 shares of the company’s stock worth $1,275,000 after purchasing an additional 7,331 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in Flex LNG by 6.9% in the 2nd quarter. Rhumbline Advisers now owns 48,796 shares of the company’s stock valued at $1,073,000 after acquiring an additional 3,164 shares in the last quarter.

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.