FLEX LNG (NYSE:FLNG) Trading Up 4.7% – Still a Buy?

FLEX LNG Ltd. (NYSE:FLNG) shares shot up 4.7% on Friday . The company traded as high as $25.80 and last traded at $25.70. 338,556 shares were traded during mid-day trading, a decline of 13% from the average session volume of 390,531 shares. The stock had previously closed at $24.55.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group reissued a “hold” rating and issued a $24.00 price objective on shares of FLEX LNG in a research note on Tuesday, November 12th.

FLEX LNG Stock Up 4.6 %

The stock has a market capitalization of $1.38 billion, a P/E ratio of 15.10 and a beta of 0.72. The company has a debt-to-equity ratio of 1.97, a current ratio of 2.21 and a quick ratio of 2.18. The firm has a 50-day simple moving average of $23.60 and a 200 day simple moving average of $25.35.

FLEX LNG Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Wednesday, November 27th were given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 11.69%. The ex-dividend date was Wednesday, November 27th. FLEX LNG’s dividend payout ratio (DPR) is currently 176.47%.

Hedge Funds Weigh In On FLEX LNG

A number of hedge funds have recently made changes to their positions in the stock. Stifel Financial Corp lifted its stake in shares of FLEX LNG by 16.0% in the 3rd quarter. Stifel Financial Corp now owns 40,831 shares of the company’s stock valued at $1,039,000 after purchasing an additional 5,641 shares during the period. Barclays PLC lifted its stake in FLEX LNG by 124.3% in the third quarter. Barclays PLC now owns 50,063 shares of the company’s stock valued at $1,273,000 after buying an additional 27,746 shares during the period. Verition Fund Management LLC bought a new position in shares of FLEX LNG during the 3rd quarter worth approximately $337,000. FMR LLC grew its position in shares of FLEX LNG by 39.4% during the 3rd quarter. FMR LLC now owns 7,348 shares of the company’s stock worth $189,000 after buying an additional 2,075 shares during the period. Finally, State Street Corp lifted its position in shares of FLEX LNG by 2.3% during the 3rd quarter. State Street Corp now owns 515,911 shares of the company’s stock valued at $13,125,000 after acquiring an additional 11,695 shares during the period.

About FLEX LNG

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.