FLEX LNG (NYSE:FLNG) Upgraded at Jefferies Financial Group

Jefferies Financial Group upgraded shares of FLEX LNG (NYSE:FLNG) from an underperform rating to a hold rating in a report published on Wednesday, MarketBeat Ratings reports. The brokerage currently has $24.00 price objective on the stock.

FLEX LNG Stock Up 0.9 %

FLNG stock opened at $27.06 on Wednesday. The company has a market cap of $1.44 billion, a PE ratio of 10.65 and a beta of 0.76. The company has a quick ratio of 2.76, a current ratio of 2.80 and a debt-to-equity ratio of 2.00. FLEX LNG has a 52 week low of $24.16 and a 52 week high of $32.23. The business has a 50-day simple moving average of $26.67 and a 200 day simple moving average of $26.67.

FLEX LNG (NYSE:FLNG) last issued its quarterly earnings results on Thursday, May 23rd. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.15. FLEX LNG had a return on equity of 16.31% and a net margin of 37.08%. The company had revenue of $90.24 million for the quarter. Sell-side analysts anticipate that FLEX LNG will post 2.27 EPS for the current fiscal year.

FLEX LNG Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Thursday, August 29th will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 11.09%. The ex-dividend date is Thursday, August 29th. FLEX LNG’s dividend payout ratio is presently 118.11%.

Institutional Investors Weigh In On FLEX LNG

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in FLEX LNG by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 1,241,810 shares of the company’s stock worth $31,579,000 after buying an additional 21,793 shares during the period. Atria Wealth Solutions Inc. raised its position in FLEX LNG by 24.0% in the 4th quarter. Atria Wealth Solutions Inc. now owns 23,757 shares of the company’s stock valued at $690,000 after buying an additional 4,601 shares during the last quarter. Cetera Investment Advisers boosted its holdings in FLEX LNG by 627.4% during the 1st quarter. Cetera Investment Advisers now owns 66,300 shares of the company’s stock worth $1,686,000 after acquiring an additional 57,185 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of FLEX LNG by 73.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 99,405 shares of the company’s stock worth $2,528,000 after buying an additional 42,198 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of FLEX LNG by 9.9% during the first quarter. BNP Paribas Financial Markets now owns 20,137 shares of the company’s stock valued at $512,000 after acquiring an additional 1,813 shares during the last quarter.

FLEX LNG Company Profile

Flex LNG Ltd., together with its subsidiaries, engages in the seaborne transportation of liquefied natural gas (LNG) worldwide. The company owns and operates vessels with M-type electronically controlled gas injection LNG carriers; and vessels with generation X dual fuel propulsion systems. Flex LNG Ltd.