Flex LNG (NYSE:FLNG) Trading Up 5.7% - Here's What Happened

Key Points

• Flex LNG's stock price surged 5.7%, reaching up to $25.78 before closing at $25.54, despite a 9% decline in trading volume compared to the average.
• Wall Street Zen downgraded Flex LNG from a "hold" rating to a "sell" rating in a recent report.
• The company announced a quarterly dividend of $0.75, representing an annualized dividend yield of 11.81%, with a payout ratio of 157.07%.

Flex LNG Ltd. (NYSE:FLNG - Get Free Report)'s stock price rose 5.7% during mid-day trading on Tuesday . The company traded as high as $25.78 and last traded at $25.54. Approximately 397,960 shares traded hands during mid-day trading, a decline of 9% from the average daily volume of 436,088 shares. The stock had previously closed at $24.17.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Flex LNG from a "hold" rating to a "sell" rating in a report on Saturday.

Flex LNG Stock Performance

The stock has a market cap of $1.37 billion, a P/E ratio of 13.31 and a beta of 0.45. The company has a quick ratio of 2.74, a current ratio of 2.77 and a debt-to-equity ratio of 2.14. The business has a 50 day moving average price of $23.39 and a two-hundred day moving average price of $23.48.

Flex LNG (NYSE:FLNG - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.50 by $0.04. The company had revenue of $88.40 million for the quarter, compared to the consensus estimate of $87.70 million. Flex LNG had a return on equity of 14.83% and a net margin of 29.10%. On average, sell-side analysts forecast that Flex LNG Ltd. will post 1.9 earnings per share for the current fiscal year.

Flex LNG Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 11.81%. The ex-dividend date was Friday, June 6th. Flex LNG's dividend payout ratio is presently 157.07%.

Institutional Trading of Flex LNG

Several large investors have recently added to or reduced their stakes in FLNG. CWM LLC increased its stake in shares of Flex LNG by 94.3% in the second quarter. CWM LLC now owns 2,201 shares of the company's stock valued at $48,000 after purchasing an additional 1,068 shares during the period. Apollon Wealth Management LLC raised its holdings in Flex LNG by 17.1% in the 2nd quarter. Apollon Wealth Management LLC now owns 12,626 shares of the company's stock worth $278,000 after acquiring an additional 1,844 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of Flex LNG in the 2nd quarter worth approximately $2,936,000. Chelsea Counsel Co. boosted its position in Flex LNG by 98.8% in the second quarter. Chelsea Counsel Co. now owns 95,000 shares of the company's stock valued at $2,088,000 after buying an additional 47,225 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Flex LNG by 53.3% during the second quarter. GAMMA Investing LLC now owns 1,689 shares of the company's stock worth $37,000 after purchasing an additional 587 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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