Russell Investments Group Ltd. Grows Stock Position in 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. grew its stake in Flex LNG Ltd. (NYSE:FLNG - Free Report) by 6,863.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 119,143 shares of the company's stock after purchasing an additional 117,432 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.22% of Flex LNG worth $2,739,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. GAMMA Investing LLC lifted its holdings in shares of Flex LNG by 69.0% in the first quarter. GAMMA Investing LLC now owns 1,102 shares of the company's stock valued at $25,000 after purchasing an additional 450 shares in the last quarter. Apollon Wealth Management LLC lifted its holdings in shares of Flex LNG by 7.3% in the first quarter. Apollon Wealth Management LLC now owns 10,782 shares of the company's stock valued at $248,000 after purchasing an additional 730 shares in the last quarter. Arkadios Wealth Advisors lifted its holdings in shares of Flex LNG by 6.7% in the first quarter. Arkadios Wealth Advisors now owns 15,358 shares of the company's stock valued at $353,000 after purchasing an additional 960 shares in the last quarter. American Financial Group Inc. lifted its holdings in shares of Flex LNG by 8.3% in the first quarter. American Financial Group Inc. now owns 13,000 shares of the company's stock valued at $299,000 after purchasing an additional 1,000 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its holdings in shares of Flex LNG by 6.5% in the fourth quarter. MetLife Investment Management LLC now owns 18,956 shares of the company's stock valued at $435,000 after purchasing an additional 1,149 shares in the last quarter.

Flex LNG Stock Performance

Flex LNG stock traded up $0.33 during mid-day trading on Thursday, reaching $27.50. 512,947 shares of the company's stock were exchanged, compared to its average volume of 442,489. The company has a quick ratio of 2.81, a current ratio of 2.84 and a debt-to-equity ratio of 2.23. The business's fifty day simple moving average is $24.17 and its 200 day simple moving average is $23.52. Flex LNG Ltd. has a one year low of $19.46 and a one year high of $27.62. The firm has a market capitalization of $1.48 billion, a PE ratio of 14.94 and a beta of 0.41.

Flex LNG (NYSE:FLNG - Get Free Report) last released its earnings results on Wednesday, August 20th. The company reported $0.46 earnings per share (EPS) for the quarter, topping 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 business had revenue of $86.00 million during the quarter, compared to the consensus estimate of $82.44 million. On average, sell-side analysts expect that Flex LNG Ltd. will post 1.9 earnings per share for the current year.

Flex LNG Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 10.9%. The ex-dividend date of this dividend is Friday, September 5th. Flex LNG's dividend payout ratio (DPR) is currently 163.04%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FLNG. Wall Street Zen upgraded Flex LNG from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. Jefferies Financial Group restated a "hold" rating and issued a $23.00 target price on shares of Flex LNG in a report on Wednesday, August 20th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $23.00.

About Flex LNG

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.