Flex LNG (NYSE:FLNG) Rating Lowered to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Flex LNG from “hold” to “sell,” adding to a cautious analyst outlook on the stock. Other firms have also turned bearish, leaving the consensus rating at “reduce” with a $24.00 target price.
• Flex LNG shares fell 2.1% and opened at $30.63 on Friday, trading above the consensus target but near its 50-day moving average. The stock’s one-year range is $22.62 to $33.40.
• The company recently missed earnings expectations, posting $0.31 EPS versus the $0.36 forecast, though revenue was roughly in line at $80.46 million. Despite the earnings miss, Flex LNG reported a net margin of 22.26% and return on equity of 12.15%.

Flex LNG (NYSE:FLNG - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

Several other equities research analysts also recently issued reports on FLNG. Pareto Securities downgraded shares of Flex LNG from a "buy" rating to a "sell" rating in a research report on Wednesday, May 13th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Flex LNG in a research report on Wednesday, July 8th. Finally, Kepler Capital Markets set a $25.00 target price on shares of Flex LNG and gave the stock a "reduce" rating in a research note on Thursday, May 14th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Reduce" and a consensus target price of $24.00.

Flex LNG Trading Down 2.1%

NYSE FLNG opened at $30.63 on Friday. Flex LNG has a one year low of $22.62 and a one year high of $33.40. The company has a debt-to-equity ratio of 2.45, a current ratio of 2.72 and a quick ratio of 2.69. The firm has a market cap of $1.66 billion, a P/E ratio of 21.88 and a beta of 0.20. The stock's 50-day moving average is $30.59 and its 200-day moving average is $29.19.

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

Institutional Investors Weigh In On Flex LNG

Several institutional investors and hedge funds have recently added to or reduced their stakes in FLNG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Flex LNG in the 3rd quarter valued at about $28,392,000. Arrowstreet Capital Limited Partnership acquired a new position in Flex LNG during the third quarter valued at approximately $9,764,000. Dimensional Fund Advisors LP acquired a new position in Flex LNG during the third quarter valued at approximately $9,497,000. Renaissance Technologies LLC grew its stake in Flex LNG by 42.5% in the first quarter. Renaissance Technologies LLC now owns 1,170,795 shares of the company's stock valued at $34,784,000 after purchasing an additional 349,191 shares in the last quarter. Finally, Two Sigma Investments LP increased its position in shares of Flex LNG by 834.5% during the 3rd quarter. Two Sigma Investments LP now owns 271,681 shares of the company's stock worth $6,846,000 after purchasing an additional 242,608 shares during the last quarter.

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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