Nuveen LLC Acquires Shares of 118,913 Flex LNG Ltd. $FLNG

Key Points

• Nuveen LLC has made a new investment of approximately $2.74 million in Flex LNG Ltd., acquiring 118,913 shares, which constitutes about 0.22% of the company's stock.
• Institutional investors are increasing their stakes in Flex LNG, with Trek Financial LLC boosting its holdings by over 106% and others like Gilman Hill Asset Management and Janus Henderson Group PLC also raising their positions.
• Flex LNG announced a quarterly dividend of $0.75 per share with a yield of 10.9%, further solidifying its financial returns for shareholders.

Nuveen LLC bought a new stake in Flex LNG Ltd. (NYSE:FLNG - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm bought 118,913 shares of the company's stock, valued at approximately $2,737,000. Nuveen LLC owned about 0.22% of Flex LNG at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Flex LNG by 10.4% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 420,014 shares of the company's stock valued at $9,630,000 after buying an additional 39,572 shares during the last quarter. Trek Financial LLC boosted its holdings in Flex LNG by 106.4% in the 1st 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. Gilman Hill Asset Management LLC boosted its holdings in 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 purchasing an additional 101,392 shares during the period. Janus Henderson Group PLC boosted its holdings in Flex LNG by 17.7% in the 4th quarter. Janus Henderson Group PLC now owns 299,864 shares of the company's stock valued at $6,717,000 after purchasing an additional 45,037 shares during the period. Finally, Northern Trust Corp boosted its holdings in Flex LNG by 6.8% in the 4th quarter. Northern Trust Corp now owns 227,977 shares of the company's stock valued at $5,230,000 after purchasing an additional 14,528 shares during the period.

Flex LNG Price Performance

Shares of NYSE:FLNG traded down $0.14 during midday trading on Monday, reaching $27.27. 506,864 shares of the company's stock were exchanged, compared to its average volume of 460,355. Flex LNG Ltd. has a 12 month low of $19.46 and a 12 month high of $27.67. The firm has a market capitalization of $1.47 billion, a PE ratio of 14.82 and a beta of 0.46. The company's 50 day simple moving average is $24.29 and its two-hundred day simple moving average is $23.54. The company has a debt-to-equity ratio of 2.23, a quick ratio of 2.81 and a current ratio of 2.84.

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

Flex LNG Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Friday, September 5th will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 11.0%. The ex-dividend date is Friday, September 5th. Flex LNG's dividend payout ratio (DPR) is presently 163.04%.

Analyst Ratings Changes

A number of analysts have weighed in on FLNG shares. 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 target on shares of Flex LNG in a report on Wednesday, August 20th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has an average rating of "Hold" and a consensus 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.