Flex LNG (NYSE:FLNG) Trading Down 8.6%

Flex LNG Ltd. (NYSE:FLNGGet 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 (NYSE:FLNGGet Rating) last released its quarterly earnings data on Wednesday, May 11th. The company reported $0.45 earnings per share (EPS) for the quarter. Flex LNG had a return on equity of 15.32% and a net margin of 50.70%. The company had revenue of $74.57 million during the quarter.

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

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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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