Flex LNG (NYSE:FLNG) Hits New 12-Month High - Still a Buy?

Key Points

• Shares hit a new 52-week high around $32.19, yet the Street consensus is a "Hold" with a consensus price target of $23, implying the stock may be trading above analyst expectations.
• High dividend but likely unsustainable: the company pays an annualized $3.00 for a 9.4% yield, while the dividend payout ratio is about 215%, suggesting payouts exceed earnings support.
• Recent earnings missed estimates: reported EPS of $0.43 versus $0.61 expected (revenue roughly in line); the company has a $1.73B market cap, P/E ~22.95 and a debt-to-equity ratio of 2.42.

Flex LNG Ltd. (NYSE:FLNG - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The stock traded as high as $32.19 and last traded at $31.9180, with a volume of 125064 shares. The stock had previously closed at $31.67.

Wall Street Analysts Forecast Growth

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

Flex LNG Trading Up 0.7%

The business has a fifty day simple moving average of $29.69 and a 200-day simple moving average of $27.16. 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 firm has a market cap of $1.73 billion, a price-to-earnings ratio of 22.95 and a beta of 0.27.

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

Flex LNG Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 12th. Shareholders of record on Friday, February 27th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 9.4%. The ex-dividend date of this dividend was Friday, February 27th. Flex LNG's dividend payout ratio is presently 215.83%.

Hedge Funds Weigh In On Flex LNG

A number of institutional investors and hedge funds have recently bought and sold shares of FLNG. First Community Trust NA acquired a new position in Flex LNG in the 4th quarter worth about $31,000. Financial Life Planners acquired a new stake in shares of Flex LNG in the third quarter valued at about $35,000. Kestra Advisory Services LLC acquired a new stake in shares of Flex LNG in the fourth quarter valued at about $43,000. EverSource Wealth Advisors LLC increased its stake in shares of Flex LNG by 364.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the company's stock valued at $45,000 after buying an additional 1,408 shares during the period. Finally, State of Alaska Department of Revenue acquired a new stake in shares of Flex LNG in the third quarter valued at about $49,000.

About Flex LNG

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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