Flex LNG (NYSE:FLNG) Downgraded to Sell Rating by Wall Street Zen

Wall Street Zen cut shares of Flex LNG (NYSE:FLNG) from a hold rating to a sell rating in a research report released on Saturday.

FLNG has been the topic of several other reports. Weiss Ratings reissued a “hold (c)” rating on shares of Flex LNG in a research note on Wednesday, July 8th. Kepler Capital Markets set a $25.00 price objective on Flex LNG and gave the company a “reduce” rating in a research note on Thursday, May 14th. Finally, Pareto Securities lowered Flex LNG from a “buy” rating to a “sell” rating in a research note on Wednesday, May 13th. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Flex LNG presently has a consensus rating of “Reduce” and a consensus target price of $24.00.

Flex LNG Stock Performance

Shares of NYSE:FLNG opened at $30.63 on Friday. Flex LNG has a 52 week low of $22.62 and a 52 week high of $33.40. The stock has a market capitalization of $1.66 billion, a P/E ratio of 21.88 and a beta of 0.20. The firm has a fifty day simple moving average of $30.59 and a two-hundred day simple moving average of $29.19. The company has a quick ratio of 2.69, a current ratio of 2.72 and a debt-to-equity ratio of 2.45.

Flex LNG (NYSE:FLNG) last announced its earnings results on Wednesday, May 13th. The company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05). Flex LNG had a net margin of 22.26% and a return on equity of 12.15%. The business had revenue of $80.46 million for the quarter, compared to analysts’ expectations of $80.35 million.

Flex LNG Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Friday, May 29th were paid a $0.75 dividend. The ex-dividend date was Friday, May 29th. This represents a $3.00 dividend on an annualized basis and a yield of 9.8%. Flex LNG’s dividend payout ratio (DPR) is presently 214.29%.

Institutional Trading of Flex LNG

Institutional investors and hedge funds have recently made changes to their positions in the business. Wealthcare Advisory Partners LLC grew its holdings in shares of Flex LNG by 2.1% in the second quarter. Wealthcare Advisory Partners LLC now owns 16,734 shares of the company’s stock worth $470,000 after purchasing an additional 351 shares during the last quarter. Empowered Funds LLC purchased a new position in Flex LNG in the 1st quarter worth about $230,000. Western Wealth Management LLC bought a new stake in Flex LNG during the 1st quarter valued at about $26,000. Bank of America Corp DE lifted its holdings in Flex LNG by 88.4% during the 1st quarter. Bank of America Corp DE now owns 152,341 shares of the company’s stock valued at $4,526,000 after buying an additional 71,477 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its holdings in Flex LNG by 53.1% during the 1st quarter. Quantinno Capital Management LP now owns 82,941 shares of the company’s stock valued at $2,464,000 after buying an additional 28,757 shares in the last quarter.

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.