Flex LNG (NYSE:FLNG) Releases Quarterly Earnings Results, Beats Estimates By $0.17 EPS

Flex LNG (NYSE:FLNG) released its quarterly earnings results on Wednesday. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.17, FiscalAI reports. The firm had revenue of $106.80 million for the quarter, compared to the consensus estimate of $93.53 million. Flex LNG had a return on equity of 12.15% and a net margin of 22.26%.

Flex LNG Stock Up 0.6%

NYSE FLNG opened at $31.07 on Wednesday. Flex LNG has a 12 month low of $24.00 and a 12 month high of $33.40. The stock’s 50 day moving average is $30.33 and its 200 day moving average is $29.94. 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 market cap of $1.68 billion, a PE ratio of 22.19 and a beta of 0.20.

Institutional Trading of Flex LNG

Hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Flex LNG during the third quarter worth approximately $28,392,000. Goldman Sachs Group Inc. boosted its stake in shares of Flex LNG by 126.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 417,345 shares of the company’s stock valued at $10,413,000 after purchasing an additional 232,916 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in Flex LNG in the 3rd quarter valued at about $9,764,000. Dimensional Fund Advisors LP purchased a new position in Flex LNG during the 3rd quarter worth $9,497,000. Finally, UBS Group AG increased its position in Flex LNG by 43.2% during the 3rd quarter. UBS Group AG now owns 349,084 shares of the company’s stock valued at $8,797,000 after purchasing an additional 105,243 shares during the period.

Analysts Set New Price Targets

Several brokerages have issued reports on FLNG. Kepler Capital Markets set a $25.00 target price on Flex LNG and gave the stock a “reduce” rating in a research report on Thursday, May 14th. Pareto Securities lowered shares of Flex LNG from a “buy” rating to a “sell” rating in a research report on Wednesday, May 13th. Wall Street Zen downgraded shares of Flex LNG from a “hold” rating to a “sell” rating in a research report on Saturday, July 18th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Flex LNG in a research note on Wednesday, July 8th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $24.00.

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.