Flex LNG (NYSE:FLNG) Upgraded 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 published on Saturday.

A number of other research firms also recently issued reports on FLNG. Kepler Capital Markets set a $25.00 price objective on Flex LNG and gave the stock a “reduce” rating in a report on Thursday, May 14th. Weiss Ratings restated a “hold (c)” rating on shares of Flex LNG in a report on Wednesday, July 8th. Finally, Pareto Securities downgraded shares of Flex LNG from a “buy” rating to a “sell” rating in a research report on Wednesday, May 13th. One analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Flex LNG currently has a consensus rating of “Reduce” and an average price target of $25.00.

Flex LNG Stock Down 0.6%

FLNG stock opened at $31.84 on Friday. Flex LNG has a fifty-two week low of $24.00 and a fifty-two week high of $33.40. The business’s 50 day moving average price is $30.45 and its two-hundred day moving average price is $30.10. The company has a debt-to-equity ratio of 2.40, a quick ratio of 2.64 and a current ratio of 2.69. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of 16.76 and a beta of 0.20.

Flex LNG (NYSE:FLNG) last released its earnings results on Wednesday, August 19th. The company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.17. Flex LNG had a return on equity of 14.88% and a net margin of 28.50%.The company had revenue of $106.80 million during the quarter, compared to analysts’ expectations of $93.53 million.

Flex LNG Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, September 3rd will be issued a $0.75 dividend. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $3.00 annualized dividend and a yield of 9.4%. Flex LNG’s payout ratio is 157.89%.

Institutional Investors Weigh In On Flex LNG

A number of institutional investors have recently made changes to their positions in the company. Royal Bank of Canada raised its holdings in Flex LNG by 15.2% in the 1st quarter. Royal Bank of Canada now owns 55,436 shares of the company’s stock worth $1,275,000 after acquiring an additional 7,331 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Flex LNG by 22.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 149,097 shares of the company’s stock valued at $3,428,000 after acquiring an additional 27,543 shares in the last quarter. Rhumbline Advisers boosted its stake in Flex LNG by 6.9% during the 2nd quarter. Rhumbline Advisers now owns 48,796 shares of the company’s stock valued at $1,073,000 after purchasing an additional 3,164 shares during the last quarter. Invesco Ltd. boosted its stake in Flex LNG by 3.6% during the 2nd quarter. Invesco Ltd. now owns 22,471 shares of the company’s stock valued at $494,000 after purchasing an additional 784 shares during the last quarter. Finally, First Trust Advisors LP bought a new stake in shares of Flex LNG in the 2nd quarter worth $420,000.

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.