Russell Investments Group Ltd. Acquires 117,432 Shares of Flex LNG Ltd. $FLNG

Key Points

• Russell Investments Group Ltd. has significantly increased its holdings in Flex LNG Ltd. by 6,863.4% during the first quarter, now owning 119,143 shares valued at approximately $2.7 million.
• Flex LNG's recent quarterly earnings exceeded expectations, reporting $86 million in revenue and an EPS of $0.46, slightly above the consensus estimate of $0.45.
• The company has announced a quarterly dividend of $0.75 per share, resulting in an annualized dividend of $3.00 and a yield of 11.2%.

Russell Investments Group Ltd. lifted its stake in shares of Flex LNG Ltd. (NYSE:FLNG - Free Report) by 6,863.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 119,143 shares of the company's stock after buying an additional 117,432 shares during the period. Russell Investments Group Ltd. owned about 0.22% of Flex LNG worth $2,739,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of FLNG. Wells Fargo & Company MN boosted its position in Flex LNG by 50.2% in the fourth quarter. Wells Fargo & Company MN now owns 66,937 shares of the company's stock worth $1,536,000 after purchasing an additional 22,358 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Flex LNG in the fourth quarter worth $3,890,000. Barclays PLC boosted its position in Flex LNG by 8.4% in the fourth quarter. Barclays PLC now owns 54,280 shares of the company's stock worth $1,245,000 after purchasing an additional 4,217 shares during the last quarter. MetLife Investment Management LLC boosted its position in Flex LNG by 6.5% in the fourth quarter. MetLife Investment Management LLC now owns 18,956 shares of the company's stock worth $435,000 after purchasing an additional 1,149 shares during the last quarter. Finally, Stifel Financial Corp boosted its position in Flex LNG by 59.1% in the fourth quarter. Stifel Financial Corp now owns 64,970 shares of the company's stock worth $1,490,000 after purchasing an additional 24,139 shares during the last quarter.

Flex LNG Stock Performance

Shares of NYSE FLNG traded down $0.14 during trading on Friday, reaching $27.27. 506,864 shares of the stock traded hands, compared to its average volume of 451,372. Flex LNG Ltd. has a 52-week low of $19.46 and a 52-week high of $27.67. 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 company has a 50-day moving average of $24.29 and a 200-day moving average of $23.55. The stock has a market capitalization of $1.47 billion, a P/E ratio of 14.82 and a beta of 0.41.

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

Flex LNG Announces Dividend

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

Wall Street Analysts Forecast Growth

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