Bank of America Corp DE increased its position in shares of Flex LNG Ltd. (NYSE:FLNG - Free Report) by 88.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 152,341 shares of the company's stock after purchasing an additional 71,477 shares during the quarter. Bank of America Corp DE owned 0.28% of Flex LNG worth $4,526,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Bessemer Group Inc. increased its holdings in Flex LNG by 54.6% in the 1st quarter. Bessemer Group Inc. now owns 191,231 shares of the company's stock worth $5,681,000 after acquiring an additional 67,500 shares in the last quarter. Hussman Strategic Advisors Inc. purchased a new position in Flex LNG during the fourth quarter valued at $1,048,000. Renaissance Technologies LLC grew its position in shares of Flex LNG by 42.5% in the first quarter. Renaissance Technologies LLC now owns 1,170,795 shares of the company's stock valued at $34,784,000 after purchasing an additional 349,191 shares during the period. Trek Financial LLC grew its position in shares of Flex LNG by 10.9% in the fourth quarter. Trek Financial LLC now owns 391,676 shares of the company's stock valued at $9,772,000 after purchasing an additional 38,438 shares during the period. Finally, Lido Advisors LLC purchased a new stake in shares of Flex LNG during the first quarter worth about $482,000.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on FLNG shares. Pareto Securities cut Flex LNG from a "buy" rating to a "sell" rating in a report on Wednesday, May 13th. Weiss Ratings raised 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 report on Saturday, August 22nd. Finally, Kepler Capital Markets set a $25.00 target price on shares of Flex LNG and gave the stock a "reduce" rating in a research note on Thursday, May 14th. One analyst has rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Reduce" and a consensus price target of $25.00.
Check Out Our Latest Stock Analysis on Flex LNG
Flex LNG Price Performance
FLNG opened at $31.46 on Friday. The stock's 50-day moving average price is $30.56 and its 200 day moving average price is $30.21. Flex LNG Ltd. has a 12-month low of $24.00 and a 12-month high of $33.40. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 16.56 and a beta of 0.20. 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 (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.17. Flex LNG had a net margin of 28.50% and a return on equity of 14.88%. The company had revenue of $106.80 million for the quarter, compared to analyst estimates of $93.53 million.
Flex LNG Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Thursday, September 3rd will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 9.5%. The ex-dividend date is Thursday, September 3rd. Flex LNG's dividend payout ratio (DPR) is presently 157.89%.
Flex LNG Profile
(
Free Report)
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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