Flex LNG (NYSE:FLNG) Shares Down 5.1% - Time to Sell?

Key Points

• Flex LNG shares fell 5.1% in Thursday trading, hitting an intraday low of $29.50 and closing at $29.49 on much lighter-than-normal volume.
• Analyst sentiment remains cautious: the stock now carries an average “Reduce” rating and a $24.00 average target price, with two analysts rating it Hold and two rating it Sell.
• The company recently reported Q1 earnings below expectations at $0.31 per share versus $0.36 expected, while also paying a $0.75 quarterly dividend that annualizes to a 10.4% yield.

Shares of Flex LNG Ltd. (NYSE:FLNG - Get Free Report) traded down 5.1% during trading on Thursday . The stock traded as low as $29.50 and last traded at $29.49. 52,598 shares were traded during mid-day trading, a decline of 90% from the average session volume of 519,461 shares. The stock had previously closed at $31.06.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FLNG. Wall Street Zen upgraded shares of Flex LNG from a "sell" rating to a "hold" rating in a research note on Saturday, June 20th. Kepler Capital Markets set a $25.00 target price on shares of Flex LNG and gave the stock a "reduce" rating in a report on Thursday, May 14th. Weiss Ratings reiterated a "hold (c)" rating on shares of Flex LNG in a research report on Friday, April 10th. Finally, Pareto Securities downgraded Flex LNG from a "buy" rating to a "sell" rating in a research report on Wednesday, May 13th. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Reduce" and an average target price of $24.00.

Flex LNG Trading Down 6.9%

The firm's fifty day simple moving average is $30.86 and its 200 day simple moving average is $28.94. The stock has a market capitalization of $1.56 billion, a P/E ratio of 20.73 and a beta of 0.20. The company has a debt-to-equity ratio of 2.45, a quick ratio of 2.69 and a current ratio of 2.72.

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

Flex LNG Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Friday, May 29th were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $3.00 annualized dividend and a dividend yield of 10.4%. Flex LNG's dividend payout ratio is currently 214.29%.

Institutional Trading of Flex LNG

A number of institutional investors and hedge funds have recently bought and sold shares of FLNG. Western Wealth Management LLC bought a new position in Flex LNG during the 1st quarter worth approximately $26,000. Main Street Group LTD acquired a new stake in Flex LNG during the 1st quarter worth about $30,000. First Community Trust NA acquired a new stake in Flex LNG during the 4th quarter worth about $31,000. Financial Life Planners bought a new position in shares of Flex LNG in the 3rd quarter worth about $35,000. Finally, Kestra Advisory Services LLC acquired a new position in shares of Flex LNG in the 4th quarter valued at about $43,000.

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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