Cubist Systematic Strategies LLC Acquires New Holdings in Flex LNG Ltd. $FLNG

Key Points

• Cubist Systematic Strategies LLC has acquired a new position in Flex LNG Ltd. by purchasing 118,730 shares valued at approximately $2.73 million during the first quarter of the year.
• Flex LNG declared a quarterly dividend of $0.75, with a yield of 11.7%, payable on September 18th, while the ex-dividend date is September 5th.
• The company's stock is currently rated as a "hold" by analysts, with an average price target of $23.00, despite posting earnings of $0.46 per share, slightly above estimates.

Cubist Systematic Strategies LLC acquired a new stake in Flex LNG Ltd. (NYSE:FLNG - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 118,730 shares of the company's stock, valued at approximately $2,730,000. Cubist Systematic Strategies LLC owned approximately 0.22% of Flex LNG at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FLNG. Trek Financial LLC increased its position in Flex LNG by 106.4% in the 1st quarter. Trek Financial LLC now owns 344,794 shares of the company's stock valued at $7,927,000 after acquiring an additional 177,711 shares in the last quarter. Nuveen LLC acquired a new stake in Flex LNG in the 1st quarter valued at about $2,737,000. Russell Investments Group Ltd. increased its position in Flex LNG by 6,863.4% in the 1st quarter. Russell Investments Group Ltd. now owns 119,143 shares of the company's stock valued at $2,739,000 after acquiring an additional 117,432 shares in the last quarter. Gilman Hill Asset Management LLC increased its position in Flex LNG by 45.2% in the 1st quarter. Gilman Hill Asset Management LLC now owns 325,872 shares of the company's stock valued at $7,492,000 after acquiring an additional 101,392 shares in the last quarter. Finally, Hartree Partners LP acquired a new stake in Flex LNG in the 1st quarter valued at about $1,421,000.

Analysts Set New Price Targets

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

Flex LNG Trading Down 2.1%

Shares of NYSE:FLNG traded down $0.54 during trading on Tuesday, hitting $25.48. 474,579 shares of the company's stock were exchanged, compared to its average volume of 451,489. The firm has a 50-day moving average price of $24.70 and a two-hundred day moving average price of $23.64. Flex LNG Ltd. has a 1-year low of $19.46 and a 1-year high of $27.67. The firm has a market cap of $1.37 billion, a P/E ratio of 13.85 and a beta of 0.46. The company has a current ratio of 2.84, a quick ratio of 2.81 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, beating analysts' consensus estimates of $0.45 by $0.01. The firm had revenue of $86.00 million during the quarter, compared to analysts' expectations of $82.44 million. Flex LNG had a net margin of 27.84% and a return on equity of 14.41%. Equities analysts predict that Flex LNG Ltd. will post 1.9 earnings per share for the current year.

Flex LNG Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Friday, September 5th will be issued a dividend of $0.75 per share. The ex-dividend date is Friday, September 5th. This represents a $3.00 dividend on an annualized basis and a yield of 11.8%. Flex LNG's payout ratio is currently 163.04%.

About Flex LNG

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.