Flex LNG Ltd. (NYSE:FLNG – Get Rating)’s stock price fell 8.6% on Thursday . The stock traded as low as $29.16 and last traded at $29.66. 4,558 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 344,244 shares. The stock had previously closed at $32.45.
Wall Street Analyst Weigh In
Several equities analysts have commented on FLNG shares. SEB Equity Research downgraded shares of Flex LNG from a “buy” rating to a “hold” rating and set a $280.00 price objective on the stock. in a report on Wednesday, June 8th. TheStreet upgraded shares of Flex LNG from a “d” rating to a “b-” rating in a report on Monday, June 13th. DNB Markets downgraded shares of Flex LNG from a “buy” rating to a “hold” rating in a report on Monday, May 9th. Jefferies Financial Group began coverage on shares of Flex LNG in a research report on Wednesday, July 20th. They issued a “hold” rating for the company. Finally, SEB Equities cut shares of Flex LNG from a “buy” rating to a “hold” rating in a research report on Wednesday, June 8th. Four research analysts have rated the stock with a hold rating, According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $280.00.
Flex LNG Price Performance
The stock has a market cap of $1.64 billion, a P/E ratio of 9.60 and a beta of 1.09. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.57 and a quick ratio of 1.52. The business’s fifty day moving average price is $28.17 and its 200 day moving average price is $26.01.
Flex LNG Announces Dividend
The company also recently announced a dividend, which was paid on Friday, June 10th. Investors of record on Wednesday, May 25th were issued a $0.75 dividend. This represents a dividend yield of 10.76%. The ex-dividend date of this dividend was Tuesday, May 24th. Flex LNG’s dividend payout ratio is currently 93.46%.
Hedge Funds Weigh In On Flex LNG
A number of large investors have recently modified their holdings of FLNG. Clear Street Markets LLC bought a new position in Flex LNG during the 2nd quarter valued at $25,000. National Bank of Canada FI bought a new position in Flex LNG during the 1st quarter valued at $32,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Flex LNG by 396.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,020 shares of the company’s stock valued at $44,000 after acquiring an additional 1,613 shares in the last quarter. Baldwin Brothers LLC MA bought a new position in Flex LNG during the 2nd quarter valued at $68,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its stake in Flex LNG by 104.2% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 4,665 shares of the company’s stock valued at $133,000 after acquiring an additional 2,380 shares in the last quarter. 15.88% of the stock is currently owned by institutional investors.
About Flex LNG
Flex LNG Ltd., through its subsidiaries, engages in the seaborne transportation of liquefied natural gas (LNG) worldwide. As of February 16, 2022, it owned and operated nine M-type electronically controlled gas injection LNG carriers; and four vessels with generation X dual fuel propulsion systems. It also provides chartering and management services.
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