Crossingbridge Advisors LLC Acquires New Stake in FLEX LNG Ltd. (NYSE:FLNG)

Crossingbridge Advisors LLC bought a new position in shares of FLEX LNG Ltd. (NYSE:FLNG - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 235,599 shares of the company's stock, valued at approximately $5,405,000. FLEX LNG makes up 1.8% of Crossingbridge Advisors LLC's investment portfolio, making the stock its 10th largest holding. Crossingbridge Advisors LLC owned about 0.44% of FLEX LNG at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Integrated Wealth Concepts LLC raised its stake in FLEX LNG by 8.3% in the fourth quarter. Integrated Wealth Concepts LLC now owns 25,665 shares of the company's stock valued at $589,000 after purchasing an additional 1,965 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in FLEX LNG by 21.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,226 shares of the company's stock valued at $281,000 after buying an additional 2,123 shares during the period. Stifel Financial Corp raised its position in shares of FLEX LNG by 59.1% in the 4th quarter. Stifel Financial Corp now owns 64,970 shares of the company's stock valued at $1,490,000 after buying an additional 24,139 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in shares of FLEX LNG by 6.5% during the 4th quarter. MetLife Investment Management LLC now owns 18,956 shares of the company's stock worth $435,000 after acquiring an additional 1,149 shares during the period. Finally, Barclays PLC boosted its position in shares of FLEX LNG by 8.4% during the 4th quarter. Barclays PLC now owns 54,280 shares of the company's stock worth $1,245,000 after acquiring an additional 4,217 shares in the last quarter.

FLEX LNG Price Performance

Shares of FLEX LNG stock traded up $0.03 during midday trading on Thursday, hitting $23.62. 110,969 shares of the company traded hands, compared to its average volume of 477,326. The firm's fifty day moving average price is $22.35 and its 200-day moving average price is $23.65. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of 10.84 and a beta of 0.42. FLEX LNG Ltd. has a 12 month low of $19.46 and a 12 month high of $30.48. The company has a debt-to-equity ratio of 2.11, a quick ratio of 2.96 and a current ratio of 2.99.

FLEX LNG (NYSE:FLNG - Get Free Report) last announced its earnings results on Tuesday, February 4th. The company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.51 by $0.06. FLEX LNG had a return on equity of 15.61% and a net margin of 33.03%. During the same quarter in the prior year, the firm posted $0.70 EPS. As a group, sell-side analysts forecast that FLEX LNG Ltd. will post 1.9 earnings per share for the current year.

FLEX LNG Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Thursday, February 20th were given a dividend of $0.75 per share. The ex-dividend date was Thursday, February 20th. This represents a $3.00 annualized dividend and a dividend yield of 12.70%. FLEX LNG's payout ratio is 137.61%.

Analyst Upgrades and Downgrades

Several research analysts have commented on FLNG shares. Jefferies Financial Group restated a "hold" rating and set a $23.00 price objective on shares of FLEX LNG in a research report on Tuesday, February 4th. Fearnley Fonds upgraded FLEX LNG to a "hold" rating in a research report on Monday, February 17th.

FLEX LNG Company Profile

FLEX LNG Ltd. engages in the seaborne transportation of liquefied natural gas (LPG) through the ownership and operation of LNG carriers. The company was founded by Philip Eystein Fjeld, Trym Tveitnes and Jostein Ueland in September 2006 and is headquartered in Hamilton, Bermuda.