Flex LNG Ltd. $FLNG Shares Sold by Crossingbridge Advisors LLC

Key Points

• Crossingbridge Advisors LLC sold 165,599 shares of Flex LNG Ltd. during Q1, reducing its position by 70.3%, and now holds 70,000 shares, making it the 26th largest position in their portfolio.
• Several institutional investors increased their stakes in Flex LNG, with Nisa Investment Advisors LLC boosting its position by a significant 8,796.3% during the same period.
• Flex LNG reported a quarterly EPS of $0.46, exceeding estimates, and analysts currently maintain an average price target of $23.00 with a consensus rating of "Hold".

Crossingbridge Advisors LLC reduced its position in shares of Flex LNG Ltd. (NYSE:FLNG - Free Report) by 70.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 70,000 shares of the company's stock after selling 165,599 shares during the period. Flex LNG comprises 0.8% of Crossingbridge Advisors LLC's portfolio, making the stock its 26th largest position. Crossingbridge Advisors LLC owned 0.13% of Flex LNG worth $1,609,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC increased its stake in Flex LNG by 69.0% during the 1st quarter. GAMMA Investing LLC now owns 1,102 shares of the company's stock worth $25,000 after buying an additional 450 shares during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Flex LNG in the 1st quarter valued at about $102,000. Exchange Traded Concepts LLC boosted its position in Flex LNG by 258.2% in the 1st quarter. Exchange Traded Concepts LLC now owns 4,596 shares of the company's stock valued at $106,000 after buying an additional 3,313 shares during the last quarter. M&T Bank Corp acquired a new stake in shares of Flex LNG during the first quarter valued at about $215,000. Finally, Nisa Investment Advisors LLC increased its position in shares of Flex LNG by 8,796.3% during the first quarter. Nisa Investment Advisors LLC now owns 9,608 shares of the company's stock worth $221,000 after acquiring an additional 9,500 shares during the last quarter.

Flex LNG Trading Up 3.4%

Shares of NYSE FLNG opened at $25.81 on Thursday. The stock's 50 day moving average price is $23.92 and its two-hundred day moving average price is $23.48. Flex LNG Ltd. has a 52-week low of $19.46 and a 52-week high of $27.77. The stock has a market capitalization of $1.39 billion, a P/E ratio of 13.51 and a beta of 0.41. The company has a quick ratio of 2.74, a current ratio of 2.77 and a debt-to-equity ratio of 2.14.

Flex LNG (NYSE:FLNG - Get Free Report) last issued its earnings results on Wednesday, August 20th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.45 by $0.01. Flex LNG had a return on equity of 14.83% and a net margin of 29.10%.The company had revenue of $86.00 million during the quarter, compared to analyst estimates of $82.44 million. On average, analysts anticipate that Flex LNG Ltd. will post 1.9 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Wall Street Zen downgraded Flex LNG from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Jefferies Financial Group reissued a "hold" rating and set a $23.00 price target on shares of Flex LNG in a research report on Wednesday. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $23.00.

Flex LNG 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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