Goldman Sachs Group Inc. Raises Position in Flex LNG Ltd. $FLNG

Key Points

• Goldman Sachs Group Inc. increased its stake in Flex LNG Ltd. by 22.7%, purchasing an additional 27,543 shares, bringing its total holdings to approximately 149,097 shares valued at $3,428,000.
• Flex LNG reported a quarterly earnings per share of $0.46, surpassing analyst expectations of $0.45, with total revenue of $86 million for the quarter.
• The company recently declared a quarterly dividend of $0.75, yielding an annual yield of 11.9%, despite a dividend payout ratio of 163.04%.

Goldman Sachs Group Inc. boosted its position in shares of Flex LNG Ltd. (NYSE:FLNG - Free Report) by 22.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 149,097 shares of the company's stock after acquiring an additional 27,543 shares during the quarter. Goldman Sachs Group Inc. owned about 0.28% of Flex LNG worth $3,428,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Flex LNG by 145.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,030,250 shares of the company's stock valued at $23,686,000 after buying an additional 610,236 shares during the last quarter. Trek Financial LLC lifted its stake in Flex LNG by 106.4% during the 1st quarter. Trek Financial LLC now owns 344,794 shares of the company's stock valued at $7,927,000 after acquiring an additional 177,711 shares during the period. Gilman Hill Asset Management LLC boosted its holdings in shares of Flex LNG by 45.2% in the 1st quarter. Gilman Hill Asset Management LLC now owns 325,872 shares of the company's stock valued at $7,492,000 after acquiring an additional 101,392 shares during the last quarter. Raymond James Financial Inc. increased its stake in shares of Flex LNG by 28.1% in the first quarter. Raymond James Financial Inc. now owns 217,288 shares of the company's stock worth $4,995,000 after acquiring an additional 47,698 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in shares of Flex LNG by 6,863.4% in the first quarter. Russell Investments Group Ltd. now owns 119,143 shares of the company's stock worth $2,739,000 after acquiring an additional 117,432 shares during the period.

Flex LNG Price Performance

Shares of FLNG stock traded down $0.28 during mid-day trading on Monday, hitting $24.70. 403,319 shares of the stock were exchanged, compared to its average volume of 572,043. Flex LNG Ltd. has a 52-week low of $19.46 and a 52-week high of $27.67. The company has a quick ratio of 2.81, a current ratio of 2.84 and a debt-to-equity ratio of 2.23. The company has a market cap of $1.33 billion, a PE ratio of 13.42 and a beta of 0.46. The firm has a fifty day moving average of $25.18 and a 200 day moving average of $23.85.

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

Flex LNG Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Friday, September 5th were given a dividend of $0.75 per share. The ex-dividend date was Friday, September 5th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 12.1%. Flex LNG's dividend payout ratio (DPR) is 163.04%.

Wall Street Analyst Weigh In

Several research firms have commented on FLNG. Wall Street Zen raised shares of Flex LNG from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. Jefferies Financial Group reissued a "hold" rating and issued a $23.00 price objective on shares of Flex LNG in a report on Wednesday, August 20th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, Flex LNG presently has an average rating of "Hold" and an average target price of $23.00.

About Flex LNG

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.