Flex LNG (NYSE:FLNG) Posts Earnings Results, Misses Expectations By $0.03 EPS

Flex LNG (NYSE:FLNG) announced its quarterly earnings data on Tuesday. The company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.03), Zacks reports. Flex LNG had a net margin of 27.84% and a return on equity of 14.41%.

Flex LNG Price Performance

Shares of NYSE FLNG traded down $1.67 during trading on Wednesday, reaching $24.87. The company had a trading volume of 822,885 shares, compared to its average volume of 435,414. The business’s 50 day moving average price is $25.43 and its 200-day moving average price is $24.65. The stock has a market cap of $1.34 billion, a PE ratio of 13.52 and a beta of 0.49. Flex LNG has a 52 week low of $19.46 and a 52 week high of $27.67. The company has a debt-to-equity ratio of 2.23, a quick ratio of 2.81 and a current ratio of 2.84.

Flex LNG Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Friday, September 5th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 12.1%. The ex-dividend date of this dividend was Friday, September 5th. Flex LNG’s payout ratio is presently 163.04%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FLNG shares. Weiss Ratings reissued a “hold (c-)” rating on shares of Flex LNG in a report on Wednesday, October 8th. Jefferies Financial Group reaffirmed a “hold” rating and set a $23.00 price target on shares of Flex LNG in a research note on Wednesday, August 20th. Finally, Wall Street Zen raised shares of Flex LNG from a “sell” rating to a “hold” rating in a research note on Friday, August 22nd. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $23.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Osaic Holdings Inc. boosted its holdings in shares of Flex LNG by 32.5% in the 2nd quarter. Osaic Holdings Inc. now owns 14,777 shares of the company’s stock valued at $325,000 after buying an additional 3,626 shares during the last quarter. Advisory Services Network LLC raised its stake in Flex LNG by 25.5% in the second quarter. Advisory Services Network LLC now owns 20,107 shares of the company’s stock valued at $442,000 after purchasing an additional 4,081 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Flex LNG by 413.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,921 shares of the company’s stock worth $86,000 after acquiring an additional 3,158 shares during the period. HRT Financial LP acquired a new position in shares of Flex LNG during the 2nd quarter worth $1,609,000. Finally, BNP Paribas Financial Markets increased its position in Flex LNG by 64.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,126 shares of the company’s stock worth $69,000 after purchasing an additional 1,227 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.