Flex LNG (NYSE:FLNG) Announces Earnings Results

Flex LNG (NYSE:FLNG) released its 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. Flex LNG had a return on equity of 14.88% and a net margin of 28.50%. The company had revenue of $97.38 million during the quarter, compared to analysts’ expectations of $95.34 million.

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 Trading Up 0.7%

Shares of FLNG stock traded up $0.18 on Wednesday, reaching $25.50. The company had a trading volume of 449,356 shares, compared to its average volume of 469,770. The stock has a market cap of $1.38 billion, a PE ratio of 13.43 and a beta of 0.24. The company has a 50-day moving average of $29.90 and a 200-day moving average of $29.95. The company has a current ratio of 2.69, a quick ratio of 2.64 and a debt-to-equity ratio of 2.40. Flex LNG has a 12 month low of $24.14 and a 12 month high of $33.40.

Flex LNG Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 17th. Stockholders of record on Thursday, September 3rd were paid a $0.75 dividend. The ex-dividend date of this dividend was Thursday, September 3rd. This represents a $3.00 dividend on an annualized basis and a dividend yield of 11.8%. Flex LNG’s dividend payout ratio is 157.89%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on FLNG shares. Wall Street Zen upgraded Flex LNG from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd. Weiss Ratings cut Flex LNG from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Sell” and a consensus price target of $25.00.

Flex LNG Company Profile

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.