Flex LNG (NYSE:FLNG) Issues Earnings Results

Key Points

• Flex LNG reported a quarterly EPS of $0.46, surpassing analysts' estimates of $0.45, with revenues of $86 million compared to expected $82.44 million.
• The company declared a $0.75 quarterly dividend, yielding 12.0%, despite a high dividend payout ratio of 157.07%.
• Wall Street analysts have downgraded Flex LNG from a "hold" to a "sell" rating, with an average price target of $23.00.

Flex LNG (NYSE:FLNG - Get Free Report) issued its quarterly earnings data on Wednesday. The company reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.01, Zacks reports. Flex LNG had a net margin of 27.84% and a return on equity of 14.41%. The business had revenue of $86.00 million during the quarter, compared to analysts' expectations of $82.44 million.

Flex LNG Trading Up 0.0%

FLNG stock traded up $0.0050 during midday trading on Monday, hitting $26.7950. The stock had a trading volume of 280,125 shares, compared to its average volume of 440,635. The firm has a market cap of $1.44 billion, a PE ratio of 14.56 and a beta of 0.41. The company has a debt-to-equity ratio of 2.23, a current ratio of 2.84 and a quick ratio of 2.81. Flex LNG has a 12-month low of $19.46 and a 12-month high of $27.77. The company's 50-day moving average price is $24.02 and its 200 day moving average price is $23.46.

Flex LNG Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Friday, September 5th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 11.2%. The ex-dividend date of this dividend is Friday, September 5th. Flex LNG's payout ratio is presently 163.04%.

Analyst Upgrades and Downgrades

FLNG has been the subject of a number of recent research reports. Wall Street Zen raised shares of Flex LNG from a "sell" rating to a "hold" rating in a research note on Friday. Jefferies Financial Group reissued a "hold" rating and set a $23.00 price objective on shares of Flex LNG in a research note on Wednesday, August 20th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $23.00.

Institutional Trading of Flex LNG

Hedge funds and other institutional investors have recently bought and sold shares of the company. Advisory Services Network LLC grew its stake in shares of Flex LNG by 25.5% during the 2nd quarter. Advisory Services Network LLC now owns 20,107 shares of the company's stock valued at $442,000 after buying an additional 4,081 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of Flex LNG by 413.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,921 shares of the company's stock valued at $86,000 after buying an additional 3,158 shares during the period. HRT Financial LP purchased a new stake in shares of Flex LNG during the 2nd quarter valued at $1,609,000. BNP Paribas Financial Markets lifted its holdings in shares of Flex LNG by 64.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,126 shares of the company's stock valued at $69,000 after acquiring an additional 1,227 shares in the last quarter. Finally, Quantinno Capital Management LP acquired a new position in shares of Flex LNG during the 2nd quarter valued at $432,000.

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.