Raymond James Financial Inc. Has $5 Million Holdings in Flex LNG Ltd. $FLNG

Key Points

• Raymond James Financial Inc. increased its stake in Flex LNG Ltd. by 28.1%, acquiring 47,698 shares to own a total of 217,288 shares valued at nearly $5 million.
• Flex LNG's stock is currently rated as a "Hold" by several analysts, with a consensus price target of $23.00.
• The company announced a quarterly dividend of $0.75 per share, representing an annualized dividend yield of 11.1%, although it has a payout ratio of over 163%.

Raymond James Financial Inc. increased its position in Flex LNG Ltd. (NYSE:FLNG - Free Report) by 28.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 217,288 shares of the company's stock after purchasing an additional 47,698 shares during the period. Raymond James Financial Inc. owned 0.40% of Flex LNG worth $4,995,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Trek Financial LLC raised its position in shares of Flex LNG by 106.4% in the 1st quarter. Trek Financial LLC now owns 344,794 shares of the company's stock worth $7,927,000 after buying an additional 177,711 shares during the period. Nuveen LLC acquired a new position in Flex LNG in the first quarter worth approximately $2,737,000. Russell Investments Group Ltd. grew its holdings in shares of Flex LNG by 6,863.4% during the 1st quarter. Russell Investments Group Ltd. now owns 119,143 shares of the company's stock valued at $2,739,000 after acquiring an additional 117,432 shares in the last quarter. Gilman Hill Asset Management LLC boosted its holdings in Flex LNG by 45.2% in the first quarter. Gilman Hill Asset Management LLC now owns 325,872 shares of the company's stock worth $7,492,000 after purchasing an additional 101,392 shares in the last quarter. Finally, Crestline Management LP bought a new stake in Flex LNG during the fourth quarter valued at about $1,153,000.

Flex LNG Trading Down 0.8%

Shares of NYSE FLNG traded down $0.22 during trading on Wednesday, hitting $25.27. 611,497 shares of the company were exchanged, compared to its average volume of 510,826. The firm has a market capitalization of $1.36 billion, a PE ratio of 13.73 and a beta of 0.46. Flex LNG Ltd. has a 12-month low of $19.46 and a 12-month high of $27.67. The company has a fifty day moving average price of $24.83 and a 200-day moving average price of $23.67. 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 posted its earnings results on Wednesday, August 20th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.01. The firm 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%. As a group, equities research analysts expect that Flex LNG Ltd. will post 1.9 EPS for the current year.

Flex LNG Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $3.00 annualized dividend and a yield of 11.9%. Flex LNG's payout ratio is presently 163.04%.

Wall Street Analysts Forecast Growth

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