FLEX LNG Ltd. (NYSE:FLNG) Short Interest Up 5.3% in September

FLEX LNG Ltd. (NYSE:FLNG) saw a significant growth in short interest in September. As of September 30th, there was short interest totalling 1,990,000 shares, a growth of 5.3% from the September 15th total of 1,890,000 shares. Currently, 6.6% of the company’s shares are sold short. Based on an average daily trading volume, of 248,000 shares, the days-to-cover ratio is currently 8.0 days.

FLEX LNG Stock Down 1.2 %

FLEX LNG stock traded down $0.30 during mid-day trading on Thursday, hitting $25.44. The company’s stock had a trading volume of 223,082 shares, compared to its average volume of 295,419. FLEX LNG has a 52-week low of $24.16 and a 52-week high of $32.23. The company has a market cap of $1.35 billion, a PE ratio of 10.02 and a beta of 0.71. The company has a debt-to-equity ratio of 2.01, a current ratio of 2.57 and a quick ratio of 2.54. The firm’s 50 day moving average is $26.24 and its 200 day moving average is $26.73.

FLEX LNG (NYSE:FLNG) last posted its quarterly earnings results on Wednesday, August 14th. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.09. The business had revenue of $84.70 million during the quarter. FLEX LNG had a net margin of 32.60% and a return on equity of 16.79%. On average, analysts anticipate that FLEX LNG will post 2.37 earnings per share for the current year.

FLEX LNG Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Thursday, August 29th were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 11.79%. The ex-dividend date was Thursday, August 29th. FLEX LNG’s dividend payout ratio (DPR) is currently 118.11%.

Hedge Funds Weigh In On FLEX LNG

Several institutional investors and hedge funds have recently modified their holdings of FLNG. Vanguard Group Inc. increased its holdings in FLEX LNG by 1.8% in the first 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 last quarter. Rothschild Investment LLC bought a new position in shares of FLEX LNG during the 2nd quarter valued at $81,000. Cetera Investment Advisers lifted its stake in shares of FLEX LNG by 627.4% in the 1st quarter. Cetera Investment Advisers now owns 66,300 shares of the company’s stock valued at $1,686,000 after purchasing an additional 57,185 shares during the last quarter. Raymond James Trust N.A. bought a new stake in FLEX LNG in the second quarter worth $474,000. Finally, Janney Montgomery Scott LLC boosted its holdings in FLEX LNG by 73.8% in the first quarter. Janney Montgomery Scott LLC now owns 99,405 shares of the company’s stock worth $2,528,000 after purchasing an additional 42,198 shares in the last quarter.

Analysts Set New Price Targets

Separately, Jefferies Financial Group raised shares of FLEX LNG from an “underperform” rating to a “hold” rating and set a $24.00 price objective for the company in a research note on Wednesday, August 14th.

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.