Chelsea Counsel Co. Boosts Stock Holdings in Flex LNG Ltd. $FLNG

Key Points

• Chelsea Counsel Co. increased its holdings in Flex LNG Ltd. by 98.8% in Q2, owning 95,000 shares valued at approximately $2.1 million, making it the 28th largest holding in its portfolio.
• Flex LNG recently posted a quarterly earnings report with earnings per share of $0.46, exceeding estimates, and announced a $0.75 quarterly dividend, resulting in an annual yield of 11.9%.
• Analysts have rated Flex LNG with an average recommendation of "Hold," with a target price of $23.00 per share, reflecting recent market assessments.

Chelsea Counsel Co. lifted its position in Flex LNG Ltd. (NYSE:FLNG - Free Report) by 98.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 95,000 shares of the company's stock after purchasing an additional 47,225 shares during the quarter. Flex LNG comprises approximately 1.0% of Chelsea Counsel Co.'s portfolio, making the stock its 28th largest holding. Chelsea Counsel Co. owned approximately 0.18% of Flex LNG worth $2,088,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Flex LNG by 145.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,030,250 shares of the company's stock valued at $23,686,000 after buying an additional 610,236 shares during the period. Goldman Sachs Group Inc. grew its stake in Flex LNG by 22.7% in the first quarter. Goldman Sachs Group Inc. now owns 149,097 shares of the company's stock worth $3,428,000 after purchasing an additional 27,543 shares during the period. Bank of America Corp DE grew its stake in Flex LNG by 60.9% in the fourth quarter. Bank of America Corp DE now owns 50,242 shares of the company's stock worth $1,153,000 after purchasing an additional 19,025 shares during the period. GAMMA Investing LLC boosted its holdings in Flex LNG by 3,785.7% in the first quarter. GAMMA Investing LLC now owns 25,335 shares of the company's stock worth $582,000 after acquiring an additional 24,683 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Flex LNG by 33.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 26,192 shares of the company's stock worth $601,000 after acquiring an additional 6,595 shares in the last quarter.

Flex LNG Stock Performance

NYSE FLNG opened at $25.19 on Wednesday. Flex LNG Ltd. has a 52-week low of $19.46 and a 52-week high of $27.67. The business's 50-day moving average price is $25.50 and its 200 day moving average price is $23.98. The firm has a market cap of $1.36 billion, a P/E ratio of 13.69 and a beta of 0.46. The company has a quick ratio of 2.81, a current ratio of 2.84 and a debt-to-equity ratio of 2.23.

Flex LNG (NYSE:FLNG - Get Free Report) last issued its quarterly earnings data on Wednesday, August 20th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.01. The firm had revenue of $86.00 million during the quarter, compared to the consensus estimate of $82.44 million. Flex LNG had a return on equity of 14.41% and a net margin of 27.84%. On average, equities research analysts expect that Flex LNG Ltd. will post 1.9 earnings per share for the current year.

Flex LNG Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 18th. Shareholders of record on Friday, September 5th were paid a $0.75 dividend. The ex-dividend date was Friday, September 5th. This represents a $3.00 annualized dividend and a dividend yield of 11.9%. Flex LNG's dividend payout ratio (DPR) is presently 163.04%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Jefferies Financial Group reiterated a "hold" rating and set a $23.00 target price on shares of Flex LNG in a research report on Wednesday, August 20th. Wall Street Zen upgraded Flex LNG from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, Flex LNG currently has an average rating of "Hold" and a consensus target price of $23.00.

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.

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