Flex LNG Ltd. $FLNG Shares Sold by Gilman Hill Asset Management LLC

Key Points

• Gilman Hill Asset Management LLC reduced its stake in Flex LNG Ltd. by 3.6%, holding approximately 314,288 shares valued at $6.9 million after selling 11,584 shares in Q2.
• Flex LNG reported $0.46 EPS for the last quarter, beating estimates of $0.45, with revenues of $86 million surpassing expectations of $82.44 million.
• The company announced a quarterly dividend of $0.75 per share, reflecting an annual yield of 12.1% and a high dividend payout ratio of 163.04%.

Gilman Hill Asset Management LLC trimmed its position in shares of Flex LNG Ltd. (NYSE:FLNG - Free Report) by 3.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 314,288 shares of the company's stock after selling 11,584 shares during the period. Flex LNG comprises 1.1% of Gilman Hill Asset Management LLC's holdings, making the stock its 27th biggest holding. Gilman Hill Asset Management LLC owned approximately 0.58% of Flex LNG worth $6,908,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its stake in shares of Flex LNG by 69.0% during the first quarter. GAMMA Investing LLC now owns 1,102 shares of the company's stock valued at $25,000 after purchasing an additional 450 shares in the last quarter. State of Wyoming bought a new position in shares of Flex LNG during the first quarter valued at approximately $57,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Flex LNG during the first quarter valued at approximately $102,000. Exchange Traded Concepts LLC lifted its position in Flex LNG by 258.2% during the first quarter. Exchange Traded Concepts LLC now owns 4,596 shares of the company's stock valued at $106,000 after acquiring an additional 3,313 shares during the last quarter. Finally, M&T Bank Corp purchased a new stake in Flex LNG during the first quarter valued at approximately $215,000.

Flex LNG Trading Down 0.4%

FLNG stock traded down $0.09 during trading on Friday, reaching $24.99. 493,954 shares of the stock were exchanged, compared to its average volume of 570,899. The company has a current ratio of 2.84, a quick ratio of 2.81 and a debt-to-equity ratio of 2.23. The business has a 50 day moving average price of $25.14 and a 200-day moving average price of $23.82. Flex LNG Ltd. has a 1 year low of $19.46 and a 1 year high of $27.67. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of 13.58 and a beta of 0.46.

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 analysts' consensus estimates of $0.45 by $0.01. Flex LNG had a net margin of 27.84% and a return on equity of 14.41%. The company had revenue of $86.00 million for the quarter, compared to the consensus estimate of $82.44 million. On average, research analysts predict that Flex LNG Ltd. will post 1.9 earnings per share for the current year.

Flex LNG Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Investors of record on Friday, September 5th were issued a $0.75 dividend. The ex-dividend date was Friday, September 5th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 12.0%. Flex LNG's payout ratio is 163.04%.

Analysts Set New Price Targets

A number of research firms recently commented on FLNG. Wall Street Zen raised shares of Flex LNG from a "sell" rating to a "hold" rating in a research report on Friday, August 22nd. Jefferies Financial Group reissued a "hold" rating and set a $23.00 target price on shares of Flex LNG in a research report on Wednesday, August 20th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Flex LNG has a consensus rating of "Hold" and a consensus target price 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.