Engineers Gate Manager LP Has $1.31 Million Stock Holdings in Flex LNG Ltd. $FLNG

Key Points

• Engineers Gate Manager LP cut its Flex LNG stake by 49.5% in the second quarter, selling 46,006 shares and retaining 46,877 shares valued at approximately $1.315 million.
• Flex LNG reported stronger-than-expected quarterly results, with earnings per share of $0.79 versus the $0.62 consensus estimate and revenue of $106.8 million compared with expectations of $93.53 million.
• The company paid a quarterly dividend of $0.75, equivalent to $3.00 annually and a 9.2% yield. Despite some analyst upgrades, the stock carries a consensus “Reduce” rating with an average price target of $25.

Engineers Gate Manager LP decreased its stake in shares of Flex LNG Ltd. (NYSE:FLNG - Free Report) by 49.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 46,877 shares of the company's stock after selling 46,006 shares during the period. Engineers Gate Manager LP owned 0.09% of Flex LNG worth $1,315,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Integrated Wealth Concepts LLC increased its holdings in shares of Flex LNG by 7.3% during the second quarter. Integrated Wealth Concepts LLC now owns 10,504 shares of the company's stock worth $295,000 after purchasing an additional 716 shares during the period. IFP Advisors Inc lifted its holdings in shares of Flex LNG by 433.3% during the 2nd quarter. IFP Advisors Inc now owns 928 shares of the company's stock worth $26,000 after acquiring an additional 754 shares during the period. Allworth Financial LP lifted its holdings in shares of Flex LNG by 1,094.8% during the 2nd quarter. Allworth Financial LP now owns 3,692 shares of the company's stock worth $104,000 after acquiring an additional 3,383 shares during the period. Corient Private Wealth LP boosted its position in shares of Flex LNG by 2.3% during the 2nd quarter. Corient Private Wealth LP now owns 23,868 shares of the company's stock worth $670,000 after acquiring an additional 532 shares in the last quarter. Finally, Odyssean LLC bought a new position in Flex LNG in the second quarter valued at approximately $465,000.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on FLNG shares. Weiss Ratings upgraded Flex LNG from a "hold (c)" rating to a "buy (b-)" rating in a research note on Friday, August 21st. Wall Street Zen upgraded Flex LNG from a "sell" rating to a "hold" rating in a research report on Saturday, August 22nd. One research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Flex LNG has a consensus rating of "Reduce" and an average price target of $25.00.

Flex LNG Stock Performance

NYSE:FLNG opened at $32.53 on Friday. The stock's 50-day moving average is $31.12 and its 200-day moving average is $30.71. The stock has a market cap of $1.76 billion, a P/E ratio of 17.12 and a beta of 0.18. Flex LNG Ltd. has a 1-year low of $24.00 and a 1-year high of $33.40. The company has a current ratio of 2.69, a quick ratio of 2.64 and a debt-to-equity ratio of 2.40.

Flex LNG (NYSE:FLNG - Get Free Report) last issued its quarterly earnings results on Wednesday, August 19th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.17. The company had revenue of $106.80 million during the quarter, compared to analysts' expectations of $93.53 million. Flex LNG had a return on equity of 14.88% and a net margin of 28.50%.

Flex LNG Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 17th. Stockholders of record on Thursday, September 3rd were paid a $0.75 dividend. The ex-dividend date was Thursday, September 3rd. This represents a $3.00 annualized dividend and a dividend yield of 9.2%. Flex LNG's payout ratio is currently 157.89%.

Flex LNG Company Profile

Flex LNG Ltd. is a liquefied natural gas (LNG) shipping company that owns and operates a fleet of large LNG carriers. The company transports LNG between production facilities, export terminals, import terminals and other destinations involved in the global natural gas trade.

Flex LNG's fleet consists primarily of modern vessels equipped with two-stroke, dual-fuel propulsion technology. Its ships are generally designed to carry approximately 174,000 cubic meters of LNG and are employed under a combination of long-term charters and shorter-term or spot-market arrangements.

Founded in 2006, Flex LNG is incorporated in Bermuda and has shares listed on the New York Stock Exchange and the Oslo Stock Exchange.

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