Raymond James & Associates Raises Stock Position in FLEX LNG Ltd. (NYSE:FLNG)

Raymond James & Associates grew its holdings in FLEX LNG Ltd. (NYSE:FLNG – Get Rating) by 31.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 122,843 shares of the company’s stock after acquiring an additional 29,626 shares during the period. Raymond James & Associates owned about 0.23% of FLEX LNG worth $3,890,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in FLNG. Advisor Group Holdings Inc. increased its stake in FLEX LNG by 72.7% during the 1st quarter. Advisor Group Holdings Inc. now owns 16,230 shares of the company’s stock worth $270,000 after buying an additional 6,830 shares during the period. Dimensional Fund Advisors LP purchased a new stake in FLEX LNG during the 1st quarter worth $1,985,000. Mackenzie Financial Corp purchased a new stake in FLEX LNG during the 1st quarter worth $794,000. Invesco Ltd. purchased a new stake in FLEX LNG during the 1st quarter worth $476,000. Finally, Goldman Sachs Group Inc. increased its stake in FLEX LNG by 147.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 338,553 shares of the company’s stock worth $9,656,000 after buying an additional 201,876 shares during the period. Hedge funds and other institutional investors own 20.60% of the company’s stock.

FLEX LNG Price Performance

Shares of FLNG stock opened at $31.51 on Thursday. The firm has a market cap of $1.68 billion, a P/E ratio of 8.00 and a beta of 1.05. The company has a debt-to-equity ratio of 1.80, a current ratio of 2.54 and a quick ratio of 2.50. FLEX LNG Ltd. has a 1-year low of $16.65 and a 1-year high of $38.24. The firm has a fifty day moving average of $34.01 and a two-hundred day moving average of $32.49.

FLEX LNG (NYSE:FLNG – Get Rating) last posted its quarterly earnings results on Tuesday, November 15th. The company reported $0.79 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.01). FLEX LNG had a net margin of 59.26% and a return on equity of 17.90%. The business had revenue of $91.26 million during the quarter, compared to analyst estimates of $91.70 million. As a group, research analysts anticipate that FLEX LNG Ltd. will post 2.52 earnings per share for the current fiscal year.

FLEX LNG Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 9th. Stockholders of record on Thursday, December 1st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 9.52%. The ex-dividend date of this dividend was Wednesday, November 30th. FLEX LNG’s dividend payout ratio (DPR) is presently 74.07%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FLNG. Pareto Securities downgraded shares of FLEX LNG from a “buy” rating to a “hold” rating in a research note on Wednesday, November 16th. Danske raised shares of FLEX LNG from a “hold” rating to a “buy” rating in a report on Wednesday, November 2nd. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $280.00.

About FLEX LNG

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FLEX LNG Ltd. engages in the operation of carrier vessels. It focuses on the engineering and construction of liquefied natural gas producer units. The company was founded by Philip Eystein Fjeld, Trym Tveitnes and Jostein Ueland in August 2006 and is headquartered in Hamilton, Bermuda.