Renaissance Technologies LLC Has $34.78 Million Position in Flex LNG Ltd. $FLNG

Key Points

• Renaissance Technologies increased its Flex LNG stake by 42.5% in the first quarter, owning 1.17 million shares valued at approximately $34.78 million, or 2.16% of the company.
• Flex LNG reported quarterly revenue of $80.46 million, slightly above estimates, but earnings per share of $0.31 missed the $0.36 consensus forecast. The company paid a quarterly dividend of $0.75, representing a 9.7% annualized yield.
• Analyst sentiment is bearish: Flex LNG has an average “Reduce” rating and a consensus price target of $24, below its reported share price of $30.94.

Renaissance Technologies LLC lifted its holdings in Flex LNG Ltd. (NYSE:FLNG - Free Report) by 42.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,170,795 shares of the company's stock after purchasing an additional 349,191 shares during the period. Renaissance Technologies LLC owned 2.16% of Flex LNG worth $34,784,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Main Street Group LTD bought a new stake in Flex LNG during the 1st quarter valued at approximately $30,000. First Community Trust NA bought a new position in Flex LNG in the 4th quarter worth approximately $31,000. Financial Life Planners bought a new position in Flex LNG in the 1st quarter worth approximately $43,000. Kestra Advisory Services LLC acquired a new position in shares of Flex LNG during the fourth quarter worth approximately $43,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Flex LNG by 364.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the company's stock worth $45,000 after buying an additional 1,408 shares during the last quarter.

Flex LNG Price Performance

Shares of NYSE:FLNG opened at $30.94 on Wednesday. The firm has a market capitalization of $1.67 billion, a PE ratio of 22.10 and a beta of 0.20. The company has a current ratio of 2.72, a quick ratio of 2.69 and a debt-to-equity ratio of 2.45. Flex LNG Ltd. has a 1-year low of $24.00 and a 1-year high of $33.40. The business's 50 day moving average is $30.39 and its 200-day moving average is $29.51.

Flex LNG (NYSE:FLNG - Get Free Report) last issued its earnings results on Wednesday, May 13th. The company reported $0.31 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.05). The firm had revenue of $80.46 million during the quarter, compared to analyst estimates of $80.35 million. Flex LNG had a net margin of 22.26% and a return on equity of 12.15%.

Flex LNG Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Friday, May 29th were paid a $0.75 dividend. The ex-dividend date was Friday, May 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 9.7%. Flex LNG's dividend payout ratio is currently 214.29%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FLNG. Kepler Capital Markets set a $25.00 price objective on shares of Flex LNG and gave the stock a "reduce" rating in a research note on Thursday, May 14th. Weiss Ratings reiterated a "hold (c)" rating on shares of Flex LNG in a research note on Wednesday, July 8th. Wall Street Zen downgraded shares of Flex LNG from a "hold" rating to a "sell" rating in a report on Saturday, July 18th. Finally, Pareto Securities lowered shares of Flex LNG from a "buy" rating to a "sell" rating in a research report on Wednesday, May 13th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, Flex LNG presently has an average rating of "Reduce" and a consensus target price of $24.00.

About Flex LNG

Flex LNG Ltd is a Bermuda-registered owner and operator of liquefied natural gas (LNG) carriers, offering shipping services to major energy producers and utilities worldwide. Since its establishment in 2006, the company has focused on building a versatile fleet of modern, eco-efficient LNG vessels designed to meet the growing global demand for lower-emission fuel transportation.

The company's core activities encompass time-charter contracts, long-term transportation agreements and spot market voyages.

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