Flex LNG (NYSE:FLNG) Hits New 1-Year High - What's Next?

Key Points

• 52-week high: Flex LNG shares hit a new high of $32.72 (last $32.45) even though the consensus analyst price target is $23.00, suggesting the stock is trading well above Street expectations.
• Generous but risky dividend: The company pays $0.75 quarterly (annualized $3.00) for a 9.2% yield
• Earnings and fundamentals: Flex LNG missed Q4 EPS ($0.43 vs. $0.61 est.) with revenue roughly in line at $87.5M; the firm has a $1.76B market cap, D/E of 2.42 and a consensus rating of "Hold."

Flex LNG Ltd. (NYSE:FLNG - Get Free Report)'s share price reached a new 52-week high on Tuesday . The company traded as high as $32.72 and last traded at $32.45, with a volume of 380434 shares. The stock had previously closed at $32.32.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Weiss Ratings restated a "hold (c)" rating on shares of Flex LNG in a report on Friday, April 10th. Wall Street Zen lowered Flex LNG from a "hold" rating to a "sell" rating in a report on Saturday, February 7th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $23.00.

Flex LNG Stock Performance

The firm has a fifty day moving average price of $29.89 and a 200 day moving average price of $27.27. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.98 and a current ratio of 3.04. The stock has a market cap of $1.76 billion, a PE ratio of 23.35 and a beta of 0.20.

Flex LNG (NYSE:FLNG - Get Free Report) last issued its quarterly earnings data on Thursday, February 12th. The company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.18). Flex LNG had a net margin of 21.52% and a return on equity of 13.46%. The business had revenue of $87.54 million for the quarter, compared to analysts' expectations of $86.75 million.

Flex LNG Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 12th. Stockholders of record on Friday, February 27th were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 9.2%. The ex-dividend date was Friday, February 27th. Flex LNG's dividend payout ratio is currently 215.83%.

Institutional Trading of Flex LNG

Several hedge funds and other institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Flex LNG in the 3rd quarter worth $28,392,000. Goldman Sachs Group Inc. raised its stake in Flex LNG by 126.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 417,345 shares of the company's stock worth $10,413,000 after acquiring an additional 232,916 shares during the last quarter. Trek Financial LLC raised its stake in Flex LNG by 10.9% in the 4th quarter. Trek Financial LLC now owns 391,676 shares of the company's stock worth $9,772,000 after acquiring an additional 38,438 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Flex LNG in the 3rd quarter worth $9,764,000. Finally, Dimensional Fund Advisors LP purchased a new position in Flex LNG in the 3rd quarter worth $9,497,000.

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.

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