Hartree Partners LP Buys Shares of 61,825 Flex LNG Ltd. $FLNG

Key Points

• Hartree Partners LP invested $1.42 million in Flex LNG Ltd., acquiring 61,825 shares, which now represent about 0.5% of its portfolio.
• Flex LNG recently declared a quarterly dividend of $0.75 per share, providing an annualized yield of 11.2% with a dividend payout ratio of 163.04%.
• The stock has a price-to-earnings ratio of 14.57 and experienced a 12-month high of $27.77, reflecting strong market performance.

Hartree Partners LP purchased a new stake in Flex LNG Ltd. (NYSE:FLNG - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 61,825 shares of the company's stock, valued at approximately $1,421,000. Flex LNG comprises about 0.5% of Hartree Partners LP's investment portfolio, making the stock its 28th biggest position. Hartree Partners LP owned about 0.11% of Flex LNG at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Crossingbridge Advisors LLC purchased a new position in Flex LNG in the fourth quarter valued at $5,405,000. Trek Financial LLC boosted its holdings in Flex LNG by 106.4% in the first quarter. Trek Financial LLC now owns 344,794 shares of the company's stock valued at $7,927,000 after purchasing an additional 177,711 shares during the period. Raymond James Financial Inc. purchased a new position in Flex LNG in the fourth quarter valued at $3,890,000. Nuveen LLC purchased a new position in Flex LNG in the first quarter valued at $2,737,000. Finally, Russell Investments Group Ltd. boosted its holdings in Flex LNG by 6,863.4% in the first quarter. Russell Investments Group Ltd. now owns 119,143 shares of the company's stock valued at $2,739,000 after purchasing an additional 117,432 shares during the period.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on FLNG shares. Jefferies Financial Group reiterated a "hold" rating and issued a $23.00 target price 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, August 22nd. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $23.00.

Flex LNG Stock Performance

NYSE FLNG traded up $0.23 on Thursday, hitting $27.40. 344,666 shares of the company's stock were exchanged, compared to its average volume of 441,413. The company has a debt-to-equity ratio of 2.23, a current ratio of 2.84 and a quick ratio of 2.81. The firm's 50-day moving average price is $24.17 and its two-hundred day moving average price is $23.52. Flex LNG Ltd. has a fifty-two week low of $19.46 and a fifty-two week high of $27.62. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 14.90 and a beta of 0.41.

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

Flex LNG Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 11.0%. The ex-dividend date is Friday, September 5th. Flex LNG's dividend payout ratio is 163.04%.

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.