Flex LNG (NYSE:FLNG) Stock Price Down 3.2% – Should You Sell?

Flex LNG Ltd. (NYSE:FLNG) was down 3.2% during trading on Monday . The stock traded as low as $30.13 and last traded at $30.2810. Approximately 399,252 shares changed hands during mid-day trading, a decline of 13% from the average daily volume of 459,338 shares. The stock had previously closed at $31.28.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on FLNG shares. Weiss Ratings restated a “hold (c)” rating on shares of Flex LNG in a research note on Friday, April 10th. Pareto Securities cut Flex LNG from a “buy” rating to a “sell” rating in a research note on Wednesday, May 13th. Finally, Kepler Capital Markets set a $25.00 target price on Flex LNG and gave the company a “reduce” rating in a research note on Thursday, May 14th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $24.00.

Flex LNG Trading Down 0.2%

The company has a market cap of $1.63 billion, a P/E ratio of 21.53 and a beta of 0.18. 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 business has a 50 day moving average price of $31.12 and a 200-day moving average price of $28.49.

Flex LNG (NYSE:FLNG) last announced its quarterly earnings data on Wednesday, May 13th. The company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Flex LNG had a return on equity of 12.15% and a net margin of 22.26%.The company had revenue of $80.46 million for the quarter, compared to the consensus estimate of $80.35 million.

Flex LNG Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Friday, May 29th were paid a dividend of $0.75 per share. The ex-dividend date was Friday, May 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 10.0%. Flex LNG’s dividend payout ratio is currently 214.29%.

Institutional Investors Weigh In On Flex LNG

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company raised its stake in shares of Flex LNG by 4.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,359 shares of the company’s stock worth $228,000 after purchasing an additional 416 shares in the last quarter. CWM LLC raised its stake in shares of Flex LNG by 15.4% during the 4th quarter. CWM LLC now owns 3,607 shares of the company’s stock worth $90,000 after purchasing an additional 481 shares in the last quarter. Millennium Management LLC raised its stake in Flex LNG by 0.6% in the 4th quarter. Millennium Management LLC now owns 92,459 shares of the company’s stock valued at $2,307,000 after acquiring an additional 549 shares during the period. Amplify Investments LLC raised its stake in Flex LNG by 21.4% in the 4th quarter. Amplify Investments LLC now owns 3,417 shares of the company’s stock valued at $85,000 after acquiring an additional 603 shares during the period. Finally, Invesco Ltd. raised its stake in Flex LNG by 3.6% in the 2nd quarter. Invesco Ltd. now owns 22,471 shares of the company’s stock valued at $494,000 after acquiring an additional 784 shares during the period.

Flex LNG Company Profile

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.