Flex LNG (NYSE:FLNG) Raised to Hold at Pareto Securities

Flex LNG (NYSE:FLNG) was upgraded by investment analysts at Pareto Securities from a “strong sell” rating to a “hold” rating in a note issued to investors on Thursday, Zacks reports.

Several other equities analysts have also recently commented on the company. Weiss Ratings cut Flex LNG from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday. Wall Street Zen upgraded shares of Flex LNG from a “sell” rating to a “hold” rating in a research note on Saturday, August 22nd. Finally, BTIG Research reaffirmed a “neutral” rating on shares of Flex LNG in a report on Thursday. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Flex LNG presently has a consensus rating of “Reduce” and a consensus target price of $25.00.

Flex LNG Stock Performance

Flex LNG stock opened at $25.81 on Thursday. Flex LNG has a 12-month low of $24.14 and a 12-month high of $33.40. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 10.84 and a beta of 0.24. The company has a debt-to-equity ratio of 2.40, a current ratio of 2.69 and a quick ratio of 2.64. The firm’s fifty day moving average price is $29.66 and its 200 day moving average price is $29.94.

Flex LNG (NYSE:FLNG) last issued its quarterly earnings results on Wednesday, November 11th. The company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.01. Flex LNG had a return on equity of 16.67% and a net margin of 34.59%. The firm had revenue of $97.38 million during the quarter, compared to the consensus estimate of $95.34 million.

Institutional Trading of Flex LNG

Several institutional investors and hedge funds have recently bought and sold shares of the company. Mn Services Vermogensbeheer B.V. acquired a new position in shares of Flex LNG in the 3rd quarter worth approximately $3,297,000. Bessemer Group Inc. raised its position in shares of Flex LNG by 54.6% during the 1st quarter. Bessemer Group Inc. now owns 191,231 shares of the company’s stock valued at $5,681,000 after acquiring an additional 67,500 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Flex LNG by 42.5% during the 1st quarter. Renaissance Technologies LLC now owns 1,170,795 shares of the company’s stock valued at $34,784,000 after acquiring an additional 349,191 shares in the last quarter. Trek Financial LLC acquired a new stake in shares of Flex LNG during the 3rd quarter valued at approximately $5,290,000. Finally, Lido Advisors LLC bought a new position in Flex LNG during the first quarter worth $482,000.

Flex LNG News Roundup

Investors following FLNG have been watching these news items:

• Positive Sentiment: Q3 EPS of $0.65 topped the $0.64 consensus, and revenue of $97.38 million exceeded the $95.34 million estimate—an earnings beat that could help sentiment. Flex LNG Q3 earnings
• Positive Sentiment: The company declared a quarterly dividend of $0.75 per share, equivalent to $3.00 annually and an indicated yield of about 11.8%, which may attract income-focused investors.
• Negative Sentiment: A Seeking Alpha contributor said the 11.9% yield still was not enough to remove their concerns, reflecting caution about the investment case despite the income appeal. FLEX LNG’s 11.9% Yield Still Leaves Me On The Sidelines

Flex LNG Company Profile

Flex LNG Ltd. is an international shipping company focused on the transportation of liquefied natural gas (LNG). The company owns and operates LNG carriers that move natural gas by sea between producers and customers around the world. Flex LNG charters its vessels to energy companies and other participants in the LNG market. Its fleet includes ships equipped with modern propulsion technologies designed for efficient LNG transportation. Founded in 2006, Flex LNG is incorporated in Bermuda and has operations managed from Oslo, Norway.