Bessemer Group Inc. Raises Stake in Flex LNG Ltd. $FLNG

Key Points

• Bessemer Group Inc. increased its Flex LNG stake by 54.6% in the first quarter, buying 67,500 additional shares and bringing its total holding to 191,231 shares valued at about $5.68 million.
• Analyst sentiment on Flex LNG remains weak, with multiple downgrades and a current consensus rating of “Reduce” and average price target of $24.00, below the recent share price.
• The company reported Q1 EPS of $0.31, missing estimates, but declared a quarterly dividend of $0.75 per share, implying an annualized yield of about 9.8%.

Bessemer Group Inc. boosted its position in shares of Flex LNG Ltd. (NYSE:FLNG - Free Report) by 54.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 191,231 shares of the company's stock after acquiring an additional 67,500 shares during the period. Bessemer Group Inc. owned about 0.35% of Flex LNG worth $5,681,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. First Community Trust NA acquired a new stake in shares of Flex LNG in the 4th quarter valued at $31,000. Financial Life Planners acquired a new position in shares of Flex LNG during the first quarter worth $43,000. Kestra Advisory Services LLC acquired a new position in shares of Flex LNG during the fourth quarter worth $43,000. EverSource Wealth Advisors LLC increased its holdings in Flex LNG by 364.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the company's stock valued at $45,000 after buying an additional 1,408 shares during the last quarter. Finally, Kemnay Advisory Services Inc. purchased a new position in Flex LNG in the fourth quarter valued at $64,000.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Kepler Capital Markets set a $25.00 price target on Flex LNG and gave the stock a "reduce" rating in a report on Thursday, May 14th. Pareto Securities downgraded Flex LNG from a "buy" rating to a "sell" rating in a report on Wednesday, May 13th. Weiss Ratings reissued a "hold (c)" rating on shares of Flex LNG in a research report on Wednesday, July 8th. Finally, Wall Street Zen cut Flex LNG from a "hold" rating to a "sell" rating in a research note on Saturday. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $24.00.

Flex LNG Price Performance

Shares of NYSE:FLNG opened at $30.54 on Tuesday. Flex LNG Ltd. has a 12 month low of $22.62 and a 12 month high of $33.40. The firm has a market capitalization of $1.65 billion, a P/E ratio of 21.81 and a beta of 0.20. The company has a debt-to-equity ratio of 2.45, a current ratio of 2.72 and a quick ratio of 2.69. The company's fifty day moving average price is $30.55 and its 200 day moving average price is $29.26.

Flex LNG (NYSE:FLNG - Get Free Report) last released its quarterly earnings data on Wednesday, May 13th. The company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05). The company had revenue of $80.46 million during the quarter, compared to analyst estimates of $80.35 million. Flex LNG had a net margin of 22.26% and a return on equity of 12.15%.

Flex LNG Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Friday, May 29th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 9.8%. The ex-dividend date of this dividend was Friday, May 29th. Flex LNG's payout ratio is presently 214.29%.

Flex LNG Company Profile

Flex LNG Ltd is a Bermuda-registered owner and operator of liquefied natural gas (LNG) carriers, offering shipping services to major energy producers and utilities worldwide. Since its establishment in 2006, the company has focused on building a versatile fleet of modern, eco-efficient LNG vessels designed to meet the growing global demand for lower-emission fuel transportation.

The company's core activities encompass time-charter contracts, long-term transportation agreements and spot market voyages.

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