Flex LNG (NYSE:FLNG) Reaches New 1-Year High - Time to Buy?

Key Points

• Flex LNG Ltd. (NYSE:FLNG) reached a new 52-week high of $27.56, closing at $27.59 with a trading volume of 62,024 shares.
• The company reported $0.46 earnings per share for the last quarter, surpassing analysts' expectations of $0.45, along with a revenue of $86 million.
• Flex LNG declared a quarterly dividend of $0.75, representing an annualized dividend yield of 11.0% and a payout ratio of 163.04%.

Flex LNG Ltd. (NYSE:FLNG - Get Free Report) reached a new 52-week high on Thursday . The stock traded as high as $27.56 and last traded at $27.59, with a volume of 62024 shares trading hands. The stock had previously closed at $27.17.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Jefferies Financial Group restated a "hold" rating and set a $23.00 price target on shares of Flex LNG in a report on Wednesday, August 20th. Wall Street Zen upgraded Flex LNG from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $23.00.

Flex LNG Price Performance

The company has a current ratio of 2.84, a quick ratio of 2.81 and a debt-to-equity ratio of 2.23. The stock has a market capitalization of $1.48 billion, a P/E ratio of 14.90 and a beta of 0.41. The stock has a 50 day moving average of $24.17 and a 200-day moving average of $23.52.

Flex LNG (NYSE:FLNG - Get Free Report) last issued its quarterly earnings results on Wednesday, August 20th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.01. The firm had revenue of $86.00 million during the quarter, compared to analyst estimates of $82.44 million. Flex LNG had a return on equity of 14.41% and a net margin of 27.84%. On average, equities research analysts anticipate that Flex LNG Ltd. will post 1.9 earnings per share for the current fiscal year.

Flex LNG Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Friday, September 5th will be issued a $0.75 dividend. The ex-dividend date is Friday, September 5th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 11.0%. Flex LNG's dividend payout ratio (DPR) is currently 163.04%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in FLNG. GAMMA Investing LLC increased its position in Flex LNG by 69.0% during the 1st quarter. GAMMA Investing LLC now owns 1,102 shares of the company's stock valued at $25,000 after buying an additional 450 shares in the last quarter. CWM LLC increased its position in Flex LNG by 94.3% during the 2nd quarter. CWM LLC now owns 2,201 shares of the company's stock valued at $48,000 after buying an additional 1,068 shares in the last quarter. State of Wyoming acquired a new position in Flex LNG during the 1st quarter valued at about $57,000. BNP Paribas Financial Markets increased its position in 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 buying an additional 1,227 shares in the last quarter. Finally, Whipplewood Advisors LLC increased its position in Flex LNG by 9,185.7% during the 2nd quarter. Whipplewood Advisors LLC now owns 3,250 shares of the company's stock valued at $71,000 after buying an additional 3,215 shares in the last quarter.

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.

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