Shares of FLEX LNG Ltd. (NYSE:FLNG – Get Rating) have been assigned an average recommendation of “Hold” from the six ratings firms that are covering the stock, MarketBeat reports. Five investment analysts have rated the stock with a hold rating. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $280.00.
A number of brokerages have recently commented on FLNG. SEB Equities cut FLEX LNG from a “buy” rating to a “hold” rating in a research report on Wednesday, June 8th. Danske cut FLEX LNG from a “buy” rating to a “hold” rating in a research note on Thursday, August 25th. Jefferies Financial Group assumed coverage on FLEX LNG in a research report on Wednesday, July 20th. They issued a “hold” rating for the company. SEB Equity Research cut shares of FLEX LNG from a “buy” rating to a “hold” rating and set a $280.00 price target on the stock. in a research note on Wednesday, June 8th. Finally, TheStreet upgraded shares of FLEX LNG from a “d” rating to a “b-” rating in a research note on Monday, June 13th.
Institutional Investors Weigh In On FLEX LNG
Institutional investors have recently modified their holdings of the business. Mondrian Investment Partners LTD raised its stake in FLEX LNG by 59.4% during the 2nd quarter. Mondrian Investment Partners LTD now owns 1,679,147 shares of the company’s stock valued at $457,400,000 after buying an additional 625,429 shares during the last quarter. Folketrygdfondet boosted its position in shares of FLEX LNG by 4,750.3% in the second quarter. Folketrygdfondet now owns 910,497 shares of the company’s stock worth $24,939,000 after purchasing an additional 891,725 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of FLEX LNG by 46.8% in the second quarter. Goldman Sachs Group Inc. now owns 496,891 shares of the company’s stock worth $13,610,000 after purchasing an additional 158,338 shares in the last quarter. State Street Corp purchased a new stake in shares of FLEX LNG in the second quarter worth $13,060,000. Finally, JPMorgan Chase & Co. raised its position in shares of FLEX LNG by 63.1% during the 4th quarter. JPMorgan Chase & Co. now owns 435,448 shares of the company’s stock valued at $10,229,000 after purchasing an additional 168,547 shares during the period. 20.79% of the stock is owned by hedge funds and other institutional investors.
FLEX LNG Price Performance
FLEX LNG (NYSE:FLNG – Get Rating) last released its earnings results on Wednesday, August 24th. The company reported $0.61 earnings per share for the quarter. FLEX LNG had a net margin of 56.96% and a return on equity of 16.96%. The firm had revenue of $84.16 million for the quarter. Research analysts predict that FLEX LNG will post 2.63 earnings per share for the current fiscal year.
FLEX LNG Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 13th. Stockholders of record on Thursday, September 8th were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 9.34%. The ex-dividend date of this dividend was Wednesday, September 7th. FLEX LNG’s dividend payout ratio is currently 78.95%.
FLEX LNG Company Profile
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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