FLEX LNG Ltd. (FLNG) stock is declining today: What’s Going on?

Related Topics

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on whatsapp
WhatsApp

Shares of the FLEX LNG Ltd. (FLNG) stock were declining in the premarket today on November 23, 2021. FLNG stock price saw a downtrend of 5.56% to drop at $22.08 a share at the time of this writing. The stock was green in the previous trade and went up by 6.34% at closing. Let’s understand the reason behind this fall.

What’s Happening?

There is no major culprit behind the falling per share price of the FLNG stock. No press release or any announcement by the FLEX LNG to justify the bullish sentiment. It seems that profit-takers stepped in after FLNG stock reached an all-time high at $23.87 at one point in the previous trade.

Recently the CEO of FLEX LNG Ltd, Øystein M Kalleklev, on November 18, 2021, exercised 60,000 stock options vested between September 7, 2018, to September 7, 2021. The original strike price of $14.3 per share had been adjusted to $12.9 because of the payment of a $1.4 dividend per share. Now Mr. Kalleklev has 50,000 shares in FLNG stock and 250,000 stock options between the period of August 16, 2021, to September 7, 2024, with a $15.84 average original strike price.

Dividend news of FLNG stock:

FLNG stock raised its dividend from the previous level of $0.40 to $0.75 which represents an increase of 87.5%. This is not the first time that company has raised its dividend as it previously increased its dividend by 33% in the second quarter. The positive thing for FLEX LNG is that it is offering a high dividend yield in the shipping industry right now.

Financial View of FLNG stock:

Recently on November 16, 2021, FLNG stock did announce third-quarter 2021 financial results according to which

  • Revenue jumped from $65.8 million in the second quarter of 2021 to $81.8 million in the third quarter of 2021.
  • The company reported $32.8 million in net income in the third quarter of 2021. This compares to $12.7 million net income in the previous quarter.
  • Earnings per share significantly increased to reach $0.62 as compared to $0.24 per share in the previous quarter.
  • Adjusted EBITDA of the FLEX stock was $64.5 million and Adjusted net income was $32.0 million in the third quarter of 2021.

Wrap Up:

FLNG stock is declining in the premarket without any obvious reason. The stock reported strong third-quarter 2021 financial results and massively boosted its dividend. This reflects the positive growth of this stock. Hence can be a good bet for investors in the long run.

Leave a Comment

Your email address will not be published. Required fields are marked *

Latest Posts

SPECIAL GIFT

WE HAVE A GIFT FOR YOU

Download Free eBook For

7 GROWTH STOCKS FOR 2021

100% free. stop anytime no spam