Flex LNG (NYSE:FLNG – Get Free Report) announced its quarterly earnings results on Wednesday. The company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.64 by $0.01, FiscalAI reports. The company had revenue of $97.38 million for the quarter, compared to analyst estimates of $95.34 million. Flex LNG had a net margin of 28.50% and a return on equity of 14.88%.
Here are the key takeaways from Flex LNG’s conference call:
- FLEX LNG reported its strongest third-quarter results ever, with revenue of $97.4 million, average fleet TCE near $79,000 per day, and adjusted net income of $35 million. Strong spot-market earnings and no dry-dock offhire days supported the results.
- The board declared another $0.75-per-share dividend, the 21st consecutive quarterly payment at that level; the company says it has distributed more than $900 million since 2021.
- New financing for Flex Enterprise is expected to release about $34 million in liquidity at a blended cost of SOFR plus 25 basis points, while amended leases for Flex Artemis and Flex Amber reduce margins and quarterly repayments.
- Management expects full-year results near the mid-to-lower end of guidance amid a soft spot market and a large schedule of newbuild deliveries. It also raised full-year operating-cost guidance to $16,200 per day from $16,000 and flagged increased vessel spot-market exposure.
- Management sees long-term support from upcoming LNG export projects, particularly in the U.S., but said the next 12–18 months could be choppy as new vessel supply, geopolitical uncertainty, weather, and the timing of Qatari supply normalization affect shipping demand. The company has 48 years of minimum firm contract backlog, potentially rising to 75 years if options are exercised.
Flex LNG Price Performance
Shares of Flex LNG stock traded up $0.24 during trading on Wednesday, hitting $25.55. The stock had a trading volume of 431,262 shares, compared to its average volume of 469,605. The business has a fifty day moving average of $29.90 and a two-hundred day moving average of $29.95. Flex LNG has a fifty-two week low of $24.14 and a fifty-two week high of $33.40. The firm has a market cap of $1.38 billion, a P/E ratio of 13.46 and a beta of 0.24. The company has a debt-to-equity ratio of 2.40, a current ratio of 2.69 and a quick ratio of 2.64.
Flex LNG Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 17th. Stockholders of record on Thursday, September 3rd were issued a $0.75 dividend. The ex-dividend date was Thursday, September 3rd. This represents a $3.00 annualized dividend and a dividend yield of 11.7%. Flex LNG’s dividend payout ratio is 157.89%.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on FLNG. Weiss Ratings downgraded Flex LNG from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Wall Street Zen upgraded Flex LNG from a “sell” rating to a “hold” rating in a research report on Saturday, August 22nd. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Sell” and a consensus target price of $25.00.
About Flex LNG
Flex LNG Ltd. is an international shipping company focused on the transportation of liquefied natural gas (LNG). The company owns and operates LNG carriers that move natural gas by sea between producers and customers around the world. Flex LNG charters its vessels to energy companies and other participants in the LNG market. Its fleet includes ships equipped with modern propulsion technologies designed for efficient LNG transportation. Founded in 2006, Flex LNG is incorporated in Bermuda and has operations managed from Oslo, Norway.
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