Flex LNG (NYSE:FLNG) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

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) announced its quarterly earnings data on Wednesday. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.01, Zacks reports. The firm had revenue of $86.00 million for the quarter, compared to analysts' expectations of $82.44 million. Flex LNG had a net margin of 27.84% and a return on equity of 14.41%.

Flex LNG Price Performance

Shares of NYSE:FLNG traded up $0.2150 during midday trading on Friday, hitting $26.8150. The stock had a trading volume of 470,073 shares, compared to its average volume of 465,890. The company's 50-day moving average price is $24.02 and its 200-day moving average price is $23.49. The company has a market capitalization of $1.44 billion, a P/E ratio of 14.57 and a beta of 0.41. The company has a quick ratio of 2.74, a current ratio of 2.84 and a debt-to-equity ratio of 2.23. Flex LNG has a fifty-two week low of $19.46 and a fifty-two week high of $27.77.

Flex LNG Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FLNG. Wall Street Zen cut shares of Flex LNG from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Jefferies Financial Group reiterated a "hold" rating and issued a $23.00 price target on shares of Flex LNG in a research note on Wednesday. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $23.00.

Hedge Funds Weigh In On Flex LNG

A number of institutional investors have recently added to or reduced their stakes in FLNG. Royal Bank of Canada increased its position in Flex LNG by 15.2% during the 1st quarter. Royal Bank of Canada now owns 55,436 shares of the company's stock worth $1,275,000 after purchasing an additional 7,331 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of 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 purchasing an additional 27,543 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Flex LNG by 6.9% in 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 shares of 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 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 valued at $420,000.

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.