Flex LNG Ltd. $FLNG Holdings Decreased 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 lessened 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 13F filing with the Securities & Exchange Commission. The fund 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 quarter.

A number of other large investors also recently bought and sold shares of the company. Raymond James Financial Inc. lifted its holdings in Flex LNG by 28.1% during the 1st quarter. Raymond James Financial Inc. now owns 217,288 shares of the company's stock worth $4,995,000 after buying an additional 47,698 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Flex LNG by 6,863.4% in the 1st quarter. Russell Investments Group Ltd. now owns 119,143 shares of the company's stock worth $2,739,000 after purchasing an additional 117,432 shares during the last quarter. Nuveen LLC bought a new stake in shares of Flex LNG in the 1st quarter worth approximately $2,737,000. Aigen Investment Management LP bought a new stake in shares of Flex LNG in the 1st quarter worth approximately $298,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Flex LNG by 1.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 74,519 shares of the company's stock worth $1,713,000 after purchasing an additional 1,234 shares during the last quarter.

Flex LNG Trading Down 0.7%

Shares of Flex LNG stock traded down $0.18 on Tuesday, reaching $26.64. 150,716 shares of the company were exchanged, compared to its average volume of 440,213. The stock has a fifty day moving average price of $24.06 and a 200-day moving average price of $23.48. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of 14.48 and a beta of 0.41. 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 Ltd. has a fifty-two week low of $19.46 and a fifty-two week high of $27.64.

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

Flex LNG Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders 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 dividend yield of 11.3%. Flex LNG's payout ratio is currently 163.04%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FLNG shares. Jefferies Financial Group reissued a "hold" rating and issued a $23.00 price target on shares of Flex LNG in a report on Wednesday, August 20th. Wall Street Zen raised Flex LNG from a "sell" rating to a "hold" rating in a report on Friday. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target 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.