Trek Financial LLC Acquires 171,967 Shares of Flex LNG Ltd. $FLNG

Key Points

• Trek Financial LLC acquired 171,967 Flex LNG shares in the third quarter, valued at approximately $5.29 million and representing about 0.32% of the company.
• Institutional interest increased, with Renaissance Technologies, Bank of America, Bessemer Group and Quantinno Capital Management all expanding their Flex LNG holdings; Mn Services also initiated a new position.
• Analyst sentiment remains negative, with Flex LNG holding a consensus “Sell” rating and a $25 price target. The stock recently traded at $28.44, while the company reported quarterly EPS and revenue above analyst expectations and paid a $0.75-per-share dividend.

Trek Financial LLC acquired a new position in shares of Flex LNG Ltd. (NYSE:FLNG - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 171,967 shares of the company's stock, valued at approximately $5,290,000. Trek Financial LLC owned about 0.32% of Flex LNG as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FLNG. Renaissance Technologies LLC increased its stake in Flex LNG by 42.5% in the first quarter. Renaissance Technologies LLC now owns 1,170,795 shares of the company's stock valued at $34,784,000 after acquiring an additional 349,191 shares during the last quarter. Mn Services Vermogensbeheer B.V. purchased a new position in shares of Flex LNG in the 3rd quarter worth about $3,297,000. Bank of America Corp DE boosted its holdings in shares of Flex LNG by 88.4% in the 1st quarter. Bank of America Corp DE now owns 152,341 shares of the company's stock worth $4,526,000 after purchasing an additional 71,477 shares in the last quarter. Bessemer Group Inc. increased its position in shares of Flex LNG by 54.6% during the 1st quarter. Bessemer Group Inc. now owns 191,231 shares of the company's stock valued at $5,681,000 after purchasing an additional 67,500 shares during the last quarter. Finally, Quantinno Capital Management LP increased its position in shares of Flex LNG by 53.1% during the 1st quarter. Quantinno Capital Management LP now owns 82,941 shares of the company's stock valued at $2,464,000 after purchasing an additional 28,757 shares during the last quarter.

Analyst Ratings Changes

Several analysts have issued reports on FLNG shares. Weiss Ratings lowered Flex LNG from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, October 8th. Wall Street Zen raised shares of Flex LNG from a "sell" rating to a "hold" rating in a research note on Saturday, August 22nd. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Sell" and a consensus price target of $25.00.

Flex LNG Stock Performance

Flex LNG stock opened at $28.44 on Monday. The firm has a fifty day simple moving average of $30.62 and a two-hundred day simple moving average of $29.97. 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 Ltd. has a twelve month low of $24.14 and a twelve month high of $33.40. The company has a market capitalization of $1.54 billion, a PE ratio of 14.97 and a beta of 0.24.

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

Flex LNG Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 17th. Investors of record on Thursday, September 3rd were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 10.5%. The ex-dividend date was Thursday, September 3rd. Flex LNG's dividend payout ratio (DPR) is presently 157.89%.

About Flex LNG

Flex LNG Ltd. is a maritime shipping company that owns and operates liquefied natural gas (LNG) carriers. The company focuses on transporting LNG for energy producers, utilities, traders and other customers under medium- and long-term time-charter agreements, as well as shorter-term arrangements when market conditions permit.

Flex LNG's fleet consists primarily of large, modern LNG carriers equipped with fuel-efficient two-stroke propulsion systems, including MEGI and X-DF technologies.

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