Royal Bank of Canada Sells 39,554 Shares of Flex LNG Ltd. $FLNG

Key Points

• Royal Bank of Canada cut its Flex LNG stake by 71.6% in the first quarter, selling 39,554 shares and retaining 15,683 shares valued at approximately $466,000.
• Analyst sentiment remains cautious: Flex LNG has a consensus “Reduce” rating and an average price target of $25, compared with the stock’s recent price of $31.93.
• Flex LNG exceeded quarterly earnings and revenue estimates, reporting $0.79 in EPS and $106.8 million in revenue, while declaring a quarterly dividend of $0.75 per share, equivalent to a 9.4% annualized yield.

Royal Bank of Canada lessened its stake in Flex LNG Ltd. (NYSE:FLNG - Free Report) by 71.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,683 shares of the company's stock after selling 39,554 shares during the quarter. Royal Bank of Canada's holdings in Flex LNG were worth $466,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in FLNG. Main Street Group LTD bought a new position in Flex LNG during the first quarter worth about $30,000. Financial Life Planners bought a new position in Flex LNG during the 1st quarter worth approximately $43,000. Kestra Advisory Services LLC acquired a new position in Flex LNG during the fourth quarter valued at approximately $43,000. EverSource Wealth Advisors LLC grew its holdings in Flex LNG by 364.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the company's stock valued at $45,000 after purchasing an additional 1,408 shares during the period. Finally, Kemnay Advisory Services Inc. bought a new stake in Flex LNG in the fourth quarter valued at approximately $64,000.

Analyst Upgrades and Downgrades

FLNG has been the topic of a number of recent analyst reports. Kepler Capital Markets set a $25.00 price target on shares of Flex LNG and gave the company a "reduce" rating in a report on Thursday, May 14th. Wall Street Zen raised Flex LNG from a "sell" rating to a "hold" rating in a research note on Saturday. Pareto Securities lowered Flex LNG from a "buy" rating to a "sell" rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings upgraded shares of Flex LNG from a "hold (c)" rating to a "buy (b-)" rating in a report on Friday. One analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average price target of $25.00.

Flex LNG Stock Up 0.3%

FLNG stock opened at $31.93 on Wednesday. The company has a market cap of $1.73 billion, a price-to-earnings ratio of 16.81 and a beta of 0.20. Flex LNG Ltd. has a twelve month low of $24.00 and a twelve month high of $33.40. The business has a 50 day moving average price of $30.48 and a two-hundred day moving average price of $30.14. The company has a quick ratio of 2.64, a current ratio of 2.69 and a debt-to-equity ratio of 2.40.

Flex LNG (NYSE:FLNG - Get Free Report) last released its quarterly earnings data on Wednesday, August 19th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.62 by $0.17. Flex LNG had a return on equity of 14.88% and a net margin of 28.50%.The company had revenue of $106.80 million during the quarter, compared to the consensus estimate of $93.53 million.

Flex LNG Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, September 3rd will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 9.4%. The ex-dividend date of this dividend is Thursday, September 3rd. Flex LNG's dividend payout ratio is 157.89%.

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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