FLEX LNG (NYSE:FLNG) Sets New 52-Week Low – Here’s Why

FLEX LNG Ltd. (NYSE:FLNG)’s stock price reached a new 52-week low on Monday . The company traded as low as $21.23 and last traded at $21.33, with a volume of 150420 shares. The stock had previously closed at $22.29.

Analysts Set New Price Targets

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

FLEX LNG Stock Performance

The business’s 50-day moving average price is $24.41 and its 200-day moving average price is $25.85. The company has a current ratio of 2.21, a quick ratio of 2.18 and a debt-to-equity ratio of 1.97. The stock has a market cap of $1.14 billion, a PE ratio of 12.58 and a beta of 0.71.

FLEX LNG Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Wednesday, November 27th were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 14.03%. The ex-dividend date was Wednesday, November 27th. FLEX LNG’s dividend payout ratio is presently 176.47%.

Institutional Trading of FLEX LNG

Several institutional investors and hedge funds have recently bought and sold shares of FLNG. Raymond James Trust N.A. acquired a new stake in FLEX LNG in the 2nd quarter valued at $474,000. Bank of New York Mellon Corp raised its stake in shares of FLEX LNG by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 100,983 shares of the company’s stock valued at $2,731,000 after acquiring an additional 2,607 shares in the last quarter. Arkadios Wealth Advisors acquired a new position in FLEX LNG during the 2nd quarter worth approximately $228,000. Hosking Partners LLP increased its holdings in shares of FLEX LNG by 42.0% in the 2nd quarter. Hosking Partners LLP now owns 287,625 shares of the company’s stock valued at $7,777,000 after acquiring an additional 85,040 shares during the last quarter. Finally, Rothschild Investment LLC acquired a new stake in FLEX LNG during the 2nd quarter worth $81,000.

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.